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Mutual Fund Investments via Mobile Wallets

Mutual funds have earned a reputation of being talked about every time there is a discussion on investment or goals financial and personal. A big reason behind this is that this form of investment is increasingly becoming an undeniable part of people’s life goals and plans. Although seasoned investors are well aware of the benefits of mutual funds, for the uninitiated it may seem intimidating and complex. The reality though is that mutual funds are meant for everyone, whether you are an expert or an amateur.

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Popular mobile wallets such as Paytm and Mobikwik now offer ways to invest in direct mutual fund schemes through their apps without any charges. With over 300 million registered customers using Paytm and more than 107 million registered customers using Mobikwik, mutual funds would get a booster dose in penetrating the hinterlands in India.

Users of these mobile wallets will now be able to pick and choose a mutual fund of their choice on their respective platforms and get to invest in direct mutual fund schemes on tap of the fingers through apps.

Mobikwik acquired wealth management platform Clearfunds to enter into the wealth management business. Through this acquisition, the MobiKwik platform allowed its customers to start investing in direct mutual funds seamlessly from the app.

MobiKwik invest in Direct Mutual Funds with make no hidden commissions — the commissions you save come back to you in the form of higher returns.

You can invest in over 3,000 mutual fund schemes for free. Say goodbye to hidden commissions by investing in Direct Plans at MobiKwik. You can pay using Netbanking or click on Auto-Pay to purchase your mutual funds using the bank mandate you have registered with MobiKwik.

Once you set up an account, you can click on BUY or SIP to see recommended funds and sort by Morningstar ratings. There is no fee for this. You can set up a SIP for a maximum of 99 months at a time. At the end of this period, you will get information that your SIP is expiring, and will request you to create a new SIP for the same fund. The maximum amount you can invest per Netbanking transaction is Rs 9.99 crores (all mutual funds in your investment cart taken together) and the maximum amount you can invest using Auto-Pay and SIP is Rs 1 crore per mutual fund scheme (though you can set the limit lower in the bank mandate you give us).

Paytm launched mutual fund investment services through a separate app called Paytm Money in September 2018. According to the company reports, since its launch, Paytm Money has now crossed one million users who invest in direct mutual fund scheme using their platform. You can Setting up your account on Paytm and Complete the KYC process, Once you complete the KYC process, you can start investing using Paytm Money.

Investing in Mutual Fund Via Paytm

Step 1: To invest in Mutual Funds using Paytm Money, you can use various factors and quick filters in order to discover the best investment option for you.

Step 2: Select your investment mode preference, i.e. SIP or one-time investment.

(Note: Upon selecting SIP, one can view suggested dates to do monthly SIPs on the SIP calendar. Dates for SIPs are suggested based on historical performance of the fund. This way, you can get the best possible returns.)

Step 3: Tap on the option ‘Proceed to Payment’ to make the transaction. Once the transaction is done, you can keep a tab on timelines of transactions and more.

That’s it, you are good to go. As always a word of caution – Mutual Funds are subject to market risks. (Do your research and) read the offer document carefully before investing.

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