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SEBI to allow mutual funds purchases via digital wallet

SEBI to allow mutual funds purchases via digital wallet

Will cashless and hassle free transactions rule the world of mutual funds? Maybe yes, SEBI (Securities and Exchange Board of India) is holding talks with RBI (Reserve Bank of India) to allow the use of e-wallet/ digital wallet for purchasing mutual funds. Both the capital markets regulator and financial giant are yet to frame the regulations for digital wallet use.

Drawbacks in the current system:

According to the RBI norms, customers can use online e-wallet without KYC for transactions up to 10,000 INR and transactions above 10,000-1 lakh; KYC is mandatory. E-wallet is not applicable for purchases above 1 lakh. But all mutual fund transactions need KYC as a mandatory requirement.

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The reason why SEBI wants the involvement of digital wallet is to promote all the investors to take up the hassle less and paper free KYC procedures. This can be done using the digital wallet, in case the RBI allows. This can help to meet two demands that SEBI presently have

  • Increase mutual fund investments
  • Reduce money laundering via cashless transaction.

Current developments:

SEBI is all set to sell the mutual funds through online marketplaces like Flipkart and Amazon.in. According to the person familiar with the developments, the number of customers visiting the e-commerce portals is increasing on daily basis. Hence, the above step will be justifiable.

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Advantages of digital wallet:

The use of the digital wallet for mutual fund purchase not only promotes cashless transactions but also helps in curbing the black money circulation. The money stagnant in the digital wallet is currently not earning any interest rates, but if the investment is allowed, customers can benefit from the lucrative returns. The simple transaction procedures can attract people in all the fields to invest in mutual funds and the financial markets.

Samsung to Launch Samsung Pay Mini Availability on third party Android and IOS devices

Samsung Pay Mini

Samsung had launched the Samsung Pay mobile application. Samsung Pay app let the user store all his card details in the wallet very securely. It acts as a digital wallet. This Application allows the users to pay the bill without your card at the billing desk. At the end of 2015, Samsung has released Samsung Pay application, and this hasn’t created the huge impact since it is only available for the Samsung phone owners. Finally, Samsung has decided to release the Samsung Pay Mini Application, which is provided on the third party Android and IOS devices.

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Soon the Samsung Pay Mini is provided for the Android smartphones and Samsung phones along with the IOS devices. Samsung wants to increase the user base in using the Samsung Pay Mini app, so Samsung is planning to release for Android and IOS devices.

How to use the Samsung Pay Mini?

Open the Samsung Pay Mini Application authorise with your fingerprint or with the secure pin. To make the payment just place the device close to the swiping machine where you make the payment. Tap your card when you place the device near the terminal. You are done with the payment. NFC technology is used as the connection between the device and the terminal.

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Currently, the Samsung Pay is available for the Samsung Galaxy S7, S7 edge, S6, S6 edge, S6 edge+ and Note5. Only a few cards are compatible with the Samsung pay.

The Samsung Pay Mini Application will work on the Android devices that run Android Marshmallow (v6.0) and the Apple devices running with the IOS8 is compatible to run this application. Samsung might release the app in the month of June, and it is also planning for the application to release the payment version of the application for Windows and OS X platforms.

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