In a bid to enable investors initiate payment instructions through mobile phone, asset management firm UTI Mutual Fund has launched 'UTI Mobile' along with mChek, its mobile solution partner. Built on a mechanism of an ECS mandate, the concept allows a customer to trigger an ECS request from a pre registered bank account through his mobile phone, while the debit and settlement process takes place offline.
According to Jaideep Bhattacharya, chief marketing officer, UTI AMC, an investor to avail this facility has to initially fill in the registration form and submit the same to any of UTI Financial Centres or Karvy offices. Post verification of ECS details the investor will receive a confirmation subsequent to which he can trigger payment instructions from his mobile phone.
"UTI MF is among the first Mutual Fund to launch this facility for its investors. Currently this platform will allow only buying of UTI MF units. Going forward other transactions will also be included. With close to 600 million mobile users in India this initiative will help in increasing penetration of mutual fund products in India across all sections of society. It is our endeavor to leverage technology and provide investors with an additional medium to invest," he said.
Commenting on the launch, Suresh Anantpurkar, vice president - products, mChek said, "We are pleased to work closely with UTI Mutual Fund in ensuring that the security of the mChek platform can be leveraged to extend the footprint of anytime-anywhere services users can access on their mobile."
Bangalore-based mChek provides patent-pending, mobile-based, security and payment services enabling users to transact through their mobiles for wide-ranging day-to-day requirements including payment of utility bills, insurance policies, movie & travel ticketing, prepaid recharge and post-paid bill payment.
