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Home» Economy» Banking-Finance» Reliance cap arm launches mobile based payment system

Reliance Cap arm launches mobile-based payment system

IANS | August 09, 2012, 07:50 PM IST
reliance cap arm launches mobile based payment system

Mumbai : Reliance Capital Asset Management (RCAM), a unit of Reliance Capital, on Thursday launched a mobile-based service for mutual fund investment in partnership with HSBC.

RCAM is the first asset management company to offer the Interbank Mobile Payment Service (IMPS) platform to investors for making investments in mutual funds, the company said in a statement. 

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 and this service is being offered for the first time in the domestic mutual fund market.

It offers two modes of payment -- person-to-person transfer and person-to-business transfer. 

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. 

"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," said Sundeep Sikka, chief executive officer, RCAM.

"Investors can invest in units of Reliance Mutual Fund with this platform by using compatible mobile handsets through IMPS enabled banks," he added. 


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