Payworld partners with Reliance MF to sell mutual funds
Digital payments company Payworld has launched mutual funds distributionprogramme through its retail outlets in partnership with Reliance Mutual Funds, mainly aimed at encouraging rural and semi urban population to start investing in mutual funds.
Payworld said it is planning to open up investment opportunities in liquid funds which are less risky and have instant redemption facilities which will enable rural consumers the safety of liquid money, growth opportunities as well as bring in financial inclusion.
Payworld is also planning to organise workshops for its retailers to make them adept at dealing with customer inquiries regarding this product.
“In keeping with our business philosophy of ‘Making Life Simple’, our partnership with Reliance will not just make investing in mutual funds easier but also cultivate the habit of savings amongst the low-income households. Through this initiative we aim to achieve about 30 lakhs folios with 1500 crore assets under management over the next 3 years,” said Praveen Dhabhai, COO, Payworld.
He added that initially, around 400 retailers will be trained and certified in the first phase, targeted at visitors at their retail point to invest in the mutual fund for an amount as low as Rs 500. and eventually target their 5 million consumers who already transacting through money remittance on their platform.
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