UTI MF allows debit card purchases

UTI Mutual Fund said it has partnered with online payment gateway Visa Cards to enable its customers to purchase MF units using debit cards.

UTI Mutual Fund today said it has partnered with online payment gateway Visa Cards to enable its customers to purchase MF units using debit cards.

UTI MF is now offering its investors an option to invest by using their Visa-enabled debit cards and SBI debit cards, UTI MF said in a statement.

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.

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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.

Countrys 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,investor accounts in UTI MF stood at 9.87 million. The Average Assets under Management (AAUM) for the AprilJune quarter stood at Rs 69,105.09 crore.

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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.