New offering allows users to keep spending balances invested in a liquid mutual fund while using them for UPI payments, bills and gift cards
UTI Mutual Fund, in collaboration with Multipl, today launched ‘Investment UPI’ at Global Fintech Fest 2026. The offering allows users to keep money meant for everyday expenses invested in a liquid mutual fund while accessing it for UPI payments.
Through Multipl’s Spending Account, money is invested in the underlying UTI liquid fund. When a user makes a UPI payment, the required amount is redeemed to complete the transaction, subject to applicable mutual fund terms and processes. Unspent money remains invested until the user chooses to spend or redeem it. The account can also be used for bill payments and brand gift cards.
The proposition has been piloted with around 20,000 users, with assets under management of approximately ₹20 crore. The partners expect the offering to scale nearly tenfold over the next six to 12 months. Multipl participates in the UPI ecosystem as a licensed Third-Party Application Provider (TPAP).
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.”
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 financial ecosystem, subject to applicable regulatory, mutual fund and payments frameworks.”
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