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Journalism of Courage
Visa, one of the leaders in digital payments, has introduced a new initiative that enables consumers to invest in mutual funds using their Visa debit cards.
Launched in partnership with Razorpay, the service is now available to customers of Federal Bank and ICICI Bank. “With the Indian mutual fund industry’s average assets under management valued at Rs. 46.94 trillion for August 20231, a sixfold increase in 10 years, this innovative move will allow retail investors to enjoy the convenience, safety, and security of using their debit cards for mutual fund investments,” Visa said.
By using their Visa debit card for investing in mutual funds, consumers can now set and modify their own transaction limits, it said. Also, customers can see all their SIPs linked to their debit card alongside other recurring payments, by logging into their bank’s subscription management portals.
“We are most excited to announce that Visa cardholders can now use their debit cards to invest in mutual funds. Starting with Federal Bank and ICICI Bank debit cards, this service will soon be available to more Visa cardholders in India. In a country with over 69 million mutual fund SIP accounts, we believe debit card payments with its inherent benefits offer a strong alternative to current payment methods, helping build investor trust and ensuring they can invest with ease and confidence,” said Ramakrishnan Gopalan, Head of Products and Solutions, India and South Asia, Visa.
