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 United Payment Interface (UPI).
- 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, where you approve or reject the mandate approval request.
- If you’ve been allocated shares in the IPO, a notification will appear once the funds have been withdrawn from your account.
- When the mandate is executed by the broker, your shares will be allocated.