Reliance MF launches Any Time Money Card in Chandigarh

Reliance Mutual Fund has no annual fees or transaction charges within India

Reliance Mutual Fund has launched Reliance Any Time Money Card in Chandigarh. The card would give retail consumers instant access to their mutual fund investments.

According to Reliance Capital Asset Management Ltd, Reliance Mutual Fund is the first fund house in the country to launch this card that offers all the convenience of a debit card for investments made in Reliance mutual fund schemes.

The ATM card will be available to investors investing in Reliance Mutual Fund designated schemes through their online account with the asset management company. The card will be linked to investments made in the designated funds and can be used to withdraw cash from any VISA authorised ATM or payments at point of sale (PoS) outlets. The card has no annual fees or transaction charges within India.

Punjab, Haryana, Jammu and Kashmir and Himachal Pradesh account for approximately 3.14 lakh investors with RMF.

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Nokia enters mobile wallet service

Nokia Money is expected to offer a wide spectrum of mobile payment services to consumers who have a cellphone and want the convenience of making basic financial payments

Nokia India has launched its own standalone mobile wallet service to provide a secure and convenient alternative to cash on a mass scale to cellphone customers.

Called Nokia Money, it is expected to offer a wide spectrum of mobile payment services to consumers who have a cellphone and want the convenience of making basic financial payments such as utility bills, top-ups, insurance premiums and tickets among others, without getting into the hassle of having access to a bank account or the Internet.

“There is a need for alternative financial payment instruments and the mobile handset offers a perfect mass platform to deliver these. Transaction costs on mobile devices are significantly lower. We bring multiple offerings and are developing an open ecosystem to deliver mobile money services to users depending on their need,” Nokia Mobile Payment Services general manager Gary Singh said.

Customers will have to approach their local Nokia retail store offering this service to undergo a simple registration process, pay cash to load digital cash on to the wallet. The digital cash can then be used for making payments through an SMS. As per RBI guidelines, this service doesn’t require ‘know your customer’ or KYC documentation, since it is a closed wallet.

Nokia Money is independent of any mobile operator or individual banking network. Nokia has begun pre-loading the application on a wide range of Nokia mobile handsets across price points.

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