Credit rating agency ICRA Online has tied up with the Society for Worldwide Interbank Financial Tele-communication (SWIFT), to set up a payment gateway for enabling purchase of mutual fund units through SMS or email. The Economic Times reports that the service is expected to be launched from the fourth quarter of 2010-11. ICRA Online is a wholly owned subsidiary of ICRA Ltd, while Swift is a Belgium based company that provides financial messaging network and facilitates transfer of funds between Indian and overseas banks.
Frankly, I’m quite surprised that email is being spoken of as a medium of purchase or sale for (usually) high-value transactions like mutual funds, given that it isn’t entirely secure. In terms of SMS based transaction, how many people use mobile payments in the India anyway? The transactions, as the RBI had earlier stated, are minimal. But every little bit helps, the more the services available for digital payments, the more comfortable people will become with transactions. Now if only someone could do something about removing the irritating additional Credit Card Verification for online transactions.
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