FINANCE

Along with chatting, calling and video sharing, you may now invest in MFs through WhatsApp!

along-with-chatting,-calling-and-video-sharing,-you-may-now-invest-in-mfs-through-whatsapp!

Popular messenger and social media platform WhatsApp has become a utility tool with the introduction of mutual fund (MF) investment facility by Motilal Oswal Asset Management Company (Motilal Oswal AMC).

While options to investment in MFs are currently available through digital platforms like Paytm, GooglePay, PhonePe, Motilal Oswal becomes the first AMC to introduce the MF investment facility through the popular cross-platform messaging application — WhatsApp.

With the introduction of MF investment facility, WhatsApp has further revolutionised the business model and more companies now using it as a preferred medium to send transaction or payment confirmation to the investors.

Through the WhatsApp transaction platform, both new as well as existing investors can either make lump-sum payments or also can invest through Systematic Investment Plans (SIPs).

According to Motilal Oswal AMC, the customers can use their smart phone to complete the mutual fund purchase through this feature and the entire process completes in less than two minutes, which even provides the investors an instant transaction confirmation through WhatsApp.

This is a standalone feature wherein the customers can use their WhatsApp window to complete the mutual fund purchase through their registered number. A transaction in Motilal Oswal MF funds may be started by just typing a salutation.

Motilal Oswal AMC, which believes in staying abreast with the latest developments and this initiative helps to take a step forward towards Digital India, said, “It is to be noted that this feature is not a part of WhatsApp Pay and is different from using it as a payment channel.”

To invest in MFs, WhatsApp users need to do the following: 

  1. Add Motilal Oswal AMC number (+91 9372205812) in his/her contact list.
  2. Get on to WhatsApp, and then type “Hi” on the above number.
  3. From there on the journey is built in such a way that the customer continues with subsequent instructions on the mode of investment, fund, amount etc after sharing the PAN details.
  4. Post this, the customer is sent a payment link where the customer goes to his bank account and authorises payment for the transaction.

Speaking on the launch, Aashish Somaiyaa, MD & CEO, Motilal Oswal AMC said, “Offering transactions on WhatsApp is our effort to try and be present wherever our investors might find it easier and convenient to be able to deal with us.”

Besides WhatsApp, while customers may also invest through website and mobile app, and also through the services and platforms offered by the distribution partners, the fund house said, it has further plans to introduce more features that will help customers access their account statements along with addressing their service requirements needs.

Although it has become very easy to invest directly in MFs and other products through mobile apps, but one must remain careful, because a novice investor, who doesn’t have knowledge of the products and the risks associated with them, may end up loosing money. So, it is always better to take professional advice before starting investment, especially in the equity segment that bears market risks.

Source :

MSN

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