UTI Mutual Fund and Multipl launch ‘Investment UPI’, creating new category of investment-led spending
UTI Mutual Fund, one of India’s leading fund houses, in collaboration with Multipl launches ‘Investment UPI’, at the Global Fintech Fest 2026. This offering enables users to keep their spending money invested in liquid mutual funds while accessing it instantly for everyday UPI payments.
The proposition addresses a familiar consumer behaviour – money set aside for everyday or near-term expenses is typically spent within weeks yet sits in a deposit account for the entire period in between. Investment UPI seeks to bridge the traditional separation between investing and spending. Unlike a wallet, which holds prepaid money, or conventional UPI, which draws from a bank deposit, Investment UPI changes what the spending balance is actually invested in.
In essence, when a user adds money to their Multipl’s Spending Account, the money is invested in the underlying UTI liquid fund. When the user chooses to make a payment through UPI, the required amount is redeemed from the investment to facilitate the transaction, subject to applicable mutual fund terms, conditions and processes. Users can also use the Spending Account for services such as bill payments and brand gift cards. Any unspent money continues to remain invested in the liquid fund until the user chooses to spend or redeem it. This has been piloted with approximately 20,000 users, with an AUM of approximately INR 20 crores.
The partners expect the proposition to scale close to 10 times over the next 6 to 12 months. The offering operates within the UPI framework governed by NPCI, with Multipl participating as a licensed Third-Party Application Provider (TPAP).
Speaking on the occasion, Mr. Vetri Subramaniam, MD & CEO, UTI AMC, said, “For decades, investing and spending have existed as two separate financial behaviours. Investment UPI represents an opportunity to bring these two experiences closer. The launch is aligned with UTI Mutual Fund’s broader objective of making mutual funds more accessible, and relevant to the changing ways consumers manage their finances digitally. Through our collaboration with Multipl, we are exploring how a liquid mutual fund can become part of a digital financial experience. The objective is not simply to add another feature to UPI, but to demonstrate a fundamentally different way of thinking about the money consumers keep aside for their everyday needs.”
Mr. Paddy Raghavan, Co-founder & CEO, Multipl, said, “With this launch, UTI Mutual Fund marks a step towards reimagining how mutual funds can participate in consumers’ day-to-day money management. UPI has transformed the way Indians make payments, making digital transactions an integral part of everyday life. Investment UPI explores the next layer of this evolution—bringing an investment product into the payments journey rather than treating investing and payments as separate activities. As the category develops, similar models could potentially emerge across the financialecosystem, subject to applicable regulatory, mutual fund and payments frameworks.”