IPO Mandates let you use Google Pay as a form of payment in buying IPOs. You can apply for IPOs in advance, which places a hold on the money in your bank account.
Requirements for IPO Mandates
IPO Mandates are currently only available for Google Pay users in India. In order to apply for an IPO mandate, you must have the following:
- Google Account
- Google Pay application
- United Payment Interface (UPI)
How it works
- You can apply for initial public offering (IPO) with your broker by providing your Google Pay Unified Payment Interface (UPI) id like xx@okaxis OR xx@okhdfcbank OR xx@okicici OR xx@oksbi.
- The broker enters your information in the Securities and Exchange Board of India (SEBI) interface.
- You’ll get a notification on your Google Pay app, which you need to approve in order to apply for the IPO. You can then approve the mandate request by proceeding to enter your UPI PIN.
- If you have been allocated shares as part of the IPO, then your broker will execute the mandate and funds will be withdrawn from your account.
- Your allotted shares will then be visible on your broker website/app.