The companies have introduced the offering, called “Investment UPI”, at the Global Fintech Fest 2026 in Mumbai.
The product is designed to combine investing and everyday spending, allowing users to keep money meant for near-term expenses invested until they need to make a payment.
Under the model, users add money to a Multipl Spending Account, which is invested in an eligible liquid mutual fund. When the user initiates a UPI payment, the amount required for the transaction is redeemed from the investment and used to complete the payment, subject to the applicable mutual fund terms, conditions and processes.
This means money earmarked for expenses does not necessarily have to remain as an uninvested balance until it is spent. Any amount that remains invested can continue to remain in the liquid fund until the user chooses to spend or redeem it.
The account can also be used for bill payments and brand gift cards, according to Multipl.
20,000 users have tested the product
The offering has been piloted with approximately 20,000 users, with investments of around ₹20 crore, according to the companies.
Multipl expects the proposition to scale by close to 10 times over the next six to 12 months.
The service operates within the existing UPI framework, with Multipl participating as a licensed Third-Party Application Provider (TPAP).
How is this different from regular UPI?
In a conventional UPI transaction, money is generally debited from a bank account. A prepaid wallet, meanwhile, holds money that has been loaded for spending.
Under the new model, the money earmarked for spending is invested in a liquid mutual fund and the required amount is redeemed when the user makes a payment.
The proposition is therefore aimed at consumers who have money set aside for expenses such as everyday purchases and bills but do not expect to spend the entire amount immediately.
The product should not, however, be treated as equivalent to a bank deposit. The money is invested in a mutual fund and is therefore subject to the applicable fund structure, redemption process and market-related risks.
Vetri Subramaniam, MD and CEO of UTI AMC, said the offering seeks to bring investing and spending closer by incorporating a liquid mutual fund into consumers’ digital financial experience.
Paddy Raghavan, co-founder and CEO of Multipl, said the product aims to bring investment products into the payments journey rather than treating investing and payments as separate activities.
