SEBI and RBI are holding talks to enable purchasing of mutual funds via digital wallets, and regulations regarding the same would be soon announced. “We were called by the regulator for a discussion on the risk measures and other aspects of selling mutual funds through e-wallets. Since consumers already come for payments and transactions on wallets, allowing them to buy mutual funds through an e-wallet will be more convenient,” said Jitendra Gupta, founder, Citrus Payment Solutions Pvt. Ltd.
“You will be able to buy a Mutual Fund like you buy it online from a Mutual Fund brokerage firm…Also, today e-wallet companies can’t give interest on the amount left in the wallet. With mutual fund, the money can be swiped into a liquid fund and consumers can earn higher interest on it,” he added.
Some of the most visible benefits of Digital Wallet to investors could be as follows:
- The biggest advantage of allowing digital wallets to be used as investment tools for mutual funds is promoting cashless economy, which is the ambition of present Govt.
- Besides, Govt. has not allowed digital wallet firms to give any interest on the money parked within the wallets; in case investment is allowed, then customers can get some nice returns as well.
- Money invested using digital wallets can be tracked, and flow of black money can be easily stopped.
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