Now you can also invest in mutual funds through VISA Debit Card. Visa Card has started this initiative in partnership with Razorpay. The company has currently started this service for the customers of Federal Bank and ICICI Bank.
New Delhi. There are many ways to invest in Mutual Funds. Now investing in it has become easier. Actually, now you can also invest in mutual funds through VISA Debit Card. Visa Card has started this initiative in partnership with Razorpay. The company has currently started this service for the customers of Federal Bank and ICICI Bank.
According to a report in Economic Times, you can now set and modify transaction limits using your Visa debit card for investing in mutual funds. According to the statement, all SIPs linked to debit cards, along with other recurring payments, can be visible to investors by logging into their bank’s subscription management portal.
Visa India Chief Ramakrishnan Gopalan said, “At present you can avail this facility with Federal Bank and ICICI Bank debit cards. In a country with over 69 million mutual fund SIP accounts, we believe that debit card payments provide a strong option with its many benefits. “The existing payment processes help build investor confidence and ensure that they can invest with ease and confidence.”
What is VISA Card Network
If you use a credit card or debit card, the name of the card provider is included on it. If we understand in simple language then MasterCard, Visa, Rupay, Diners Club etc. are all card providers. This is called card network. Card networks like Visa act like a bridge between the bank and the customer.
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