UTI Mutual Fund on recenty said it has partnered with online payment gateway Visa cards to enable its customers to purchase mutual fund units using debit cards.
Visa is a global payments technology company that connects consumers, businesses, banks in more than 200 countries enabling them to use digital currency instead of cash and checks.
In a statement UTI MF said, "UTI MF is now offering its investors an option to invest by using their Visa-enabled debit cards and SBI debit cards,"
"The facility of investing through debit cards will further ease the process of transacting in mutual fund units," UTI AMC Group President and Chief Marketing Officer Jaideep Bhattacharya said.
So far UTI MF offered its investors an online investment facility, which enabled them to purchase, redeem, switch units and register for Systematic Investment Plans using the internet banking platform.
Country's fourth largest mutual fund house UTI MF shareholders include State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
"With UTI Mutual Fund, Visa is now strengthening the acceptance network within the mutual fund category and together we will be able to help many investors experience the benefits of digital currency while purchasing their mutual funds," Visa Group Country Manager (India & South Asia) Uttam Nayak said.
As at the end of June 30, 2011investor accounts in UTI MF stood at 98.70 lakh. The average Assets under Management (AUM) for the April–June quarter stood at Rs 69,105 Crore.
Visa is a global payments technology company that connects consumers, businesses, banks in more than 200 countries enabling them to use digital currency instead of cash and checks.
In a statement UTI MF said, "UTI MF is now offering its investors an option to invest by using their Visa-enabled debit cards and SBI debit cards,"
"The facility of investing through debit cards will further ease the process of transacting in mutual fund units," UTI AMC Group President and Chief Marketing Officer Jaideep Bhattacharya said.
So far UTI MF offered its investors an online investment facility, which enabled them to purchase, redeem, switch units and register for Systematic Investment Plans using the internet banking platform.
Country's fourth largest mutual fund house UTI MF shareholders include State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
"With UTI Mutual Fund, Visa is now strengthening the acceptance network within the mutual fund category and together we will be able to help many investors experience the benefits of digital currency while purchasing their mutual funds," Visa Group Country Manager (India & South Asia) Uttam Nayak said.
As at the end of June 30, 2011investor accounts in UTI MF stood at 98.70 lakh. The average Assets under Management (AUM) for the April–June quarter stood at Rs 69,105 Crore.
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