Reliance Capital Asset Management (RCAM), in partnership with HSBC, has announced the launch of a mobile-based investment initiative that allows investments in mutual funds using mobile phones.
RCAM will provide the Interbank Mobile Payment Service (IMPS) platform to investors for making investments in mutual funds.
IMPS is a payments platform that allows customers to use mobile technology for accessing their bank accounts and initiating inter-bank fund transactions. The transactions are done through IMPS enabled banks.
IMPS offers two modes of payment — person to person transfer and person to business and merchant transfer and offers instant transaction confirmation to the investor through SMS.
Investors are required to register themselves with their respective banks for mobile banking services, get mobile money identifier and mobile pin from the banks.