Besides allowing investing in Reliance MF schemes the
facility also provides inter-bank fund transactions.
Reliance AMC, in partnership with HSBC, has launched Interbank Mobile Payment Service (IMPS) platform to investors for making investments in mutual funds.
“We have always focused on innovation to improve customer service and convenience. With this mobile platform, we are offering our customers an additional mode of payment, which is convenient to use. Investors can invest in units of Reliance Mutual Fund with this platform by using compatible mobile handsets through IMPS enabled banks,’’ said Sundeep Sikka, CEO, Reliance Mutual Fund.
IMPS is a payments platform that allows customers to use mobile technology as a channel for accessing their bank accounts and initiating inter-bank fund transactions in a fast and secure manner. The transactions are done through IMPS enabled banks.
“’With over 900 million mobile subscribers in India, there is an immense potential for a product like IMPS to dramatically change the way the mutual fund industry receives funds. We are happy to partner with Reliance Mutual Fund to offer this innovative service to its investors,’’ said Navin Gupta, Head, HSBC Payment and Cash Management business in India.
IMPS offers two modes of payment – person to person transfer and person to business/merchant transfer. Besides providing a safe and secure mode of fund transfer, the payment mode also offers instant transaction confirmation information to the investor through SMS.
Investors are required to register themselves with their respective banks for mobile banking services, get mobile money identifier and mobile pin from the banks, download software for mobile banking and link their mobile numbers to the accounts in the banks. Customers need to visit their respective banks for more information on IMPS.
Existing IMPS registered customers can invest instantaneously by sending SMS 'START IMPS' to 9243 777 710 and to stop they can SMS ‘STOP IMPS’ to 9243 777 710.
Other fund houses that offer mobile based investing solutions to their investors are UTI, Birla SunLife, HDFC, DSP BlackRock and ICICI Prudential.
