Description

BSE advises MFIs/MFDs/RIAs to enable UPI Intent/QR mode as UPI Collect flow for one-time payments may be discontinued soon by payment aggregators.

Summary

BSE has issued an important advisory to Mutual Fund Intermediaries (MFIs), Mutual Fund Distributors (MFDs), and Registered Investment Advisors (RIAs) regarding an upcoming change in UPI payment processing. Payment aggregators have indicated that the UPI Collect flow (Pay via UPI ID/Number) for one-time UPI payments may be discontinued in the near future. To ensure uninterrupted payment processing, members must enable/integrate UPI Intent/QR mode with their respective payment aggregators immediately.

Key Points

  • UPI Collect flow (Pay via UPI ID/Number) for one-time payments may be discontinued soon
  • MFIs, MFDs, and RIAs must enable UPI Intent/QR mode integration
  • Members should contact their payment aggregators immediately to confirm UPI Intent/QR integration
  • This change is necessary to ensure seamless migration and uninterrupted UPI payment acceptance
  • Advisory issued by VP – Mutual Funds (Mehul Parikh) and DVP – Mutual Funds (Jayesh Ashtekar)

Regulatory Changes

No regulatory changes are introduced by this circular. This is an operational advisory based on updates received from payment aggregators regarding changes to UPI payment infrastructure.

Compliance Requirements

Required Actions for MFIs/MFDs/RIAs:

  1. Contact respective payment aggregators at the earliest
  2. Confirm availability and status of UPI Intent/QR integration
  3. Enable/integrate UPI Intent/QR mode if not already activated
  4. Complete migration before UPI Collect flow is discontinued

Timeline: Immediate action recommended as discontinuation timeline is uncertain (“near future”)

Important Dates

  • Notice Date: February 3, 2026
  • Action Required: Immediate (specific discontinuation date for UPI Collect flow not provided)

Impact Assessment

Operational Impact:

  • High impact on payment processing capabilities for mutual fund transactions
  • Risk of payment disruptions if migration is not completed before UPI Collect discontinuation
  • Requires coordination with payment aggregators and potential technical integration work

Affected Entities:

  • All Mutual Fund Intermediaries (MFIs)
  • All Mutual Fund Distributors (MFDs)
  • All Registered Investment Advisors (RIAs)
  • Applies to Mutual Fund segment operations

Business Continuity:

  • Critical for maintaining uninterrupted UPI payment acceptance
  • Failure to migrate could result in inability to process one-time UPI payments
  • Proactive migration ensures seamless customer experience

Impact Justification

Critical payment infrastructure change affecting all mutual fund intermediaries; requires immediate action to prevent payment disruptions