Do you use Amazon Pay? Here’s how to shop for mutual funds

Amazon’s partnership with Arevuk Advisory Services Private Ltd. (brand name,Kuvera), a Sebi registered investment adviser, enables Amazon Pay India customers to invest in direct plans of MFs and select fixed deposits offered byKuvera.

Likewise, you can buy mutual funds on Google Pay too. Finwizard Technology Private Ltd. (brand name, Fisdom), which is a Sebi registered investment adviser and a MF distributor, has partnered with Google Pay for this. But, you can invest only in regular plans of MFs which come with higher expense ratios compared to direct plans.

Under the ‘Manage your money’ section on Google Pay, you can go to ‘Invest’ and then click on ‘Build wealth with mutual funds’. This will take you to the Fisdom dashboard on Google Pay. While you can invest in mutual funds offered by other players such as Groww, Zerodha, Upstox etc. too, listed on Google Pay, this works differently. When you click on any one of these, you are simply led to their respective websites to get started.

Here we look at how mutual fund investing works on Amazon Pay.

All you need to do is go to ‘Amazon Pay’ on the Amazon app and tap on ‘Insure & Invest’. You will find ‘FD & Mutual Funds’ under ‘see more’. Next, you will be redirected to ‘Wealth Powered byKuvera’ where you can sign up for aKuveraWealth account (see graphic).

You can use the Wealth account to invest in direct plans of mutual fund schemes across fund houses, and fixed deposits of Bajaj Finance and Axis Bank.

On the Wealth dashboard, mutual fund schemes have been categorized under heads, such as ‘all-in-one funds’, ‘high return’, ‘international funds’, ‘FD alternate’, ‘new funds’, etc. You can also search for specific schemes under ‘all funds’.

Curiously, the option of ‘FD & Mutual Funds’ under Amazon Pay is available only on the Amazon mobile app and not on the Amazon.in website.

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Other features

You also have the option of importing your portfolio, that is, your existing mutual fund investments for viewing and transacting via the wealth account, a fairly quick process (see graphic). Once that is done, you can see the list of these imported schemes and the ones that you invested through your wealth account along with their returns (XIRR) and current market value under ‘view portfolio’. ‘

‘Analyse portfolio’ shows you a brief snapshot of your equity and debt allocation, return, and top stocks and sectors at the overall portfolio level.

Under ‘transaction history’, you can see the history of transactions relating to all schemes including those imported.

The ‘set goal’ option in your Wealth account is a useful feature that helps you choose from several goals, such as ‘own a home’, ‘save tax’, ‘buy a car’, and ‘retire easy’, and plan for them.

For example, if your select ‘buy a car’, you will be asked to key in details such as the current cost of your dream car, the number of years you want to wait to buy it, and the amount that you can spend upfront towards the cost of the car. Based on this information, you will be shown how much you will have to invest to create the corpus to meet your goal. The calculations take into account a 10% long-term capital gains tax.

Charges, customer support

Investing in mutual fund schemes via Amazon Pay does not entail any charges. There are multiple options such as net banking, UPI, and NEFT / RTGS that can be used for investing in mutual fund schemes. Note that you cannot use your Amazon Pay balance for investments, and the money for this must be debited from your bank account.

For customer support, you will have to reach out toKuveraand not Amazon as the latter is only a facilitator of transactions.

You can use the ‘Help & FAQ’ section on the Wealth dashboard (scroll all the way down) or write to theKuveraWealth team ataw-help@kuvera.infrom the email ID mapped to your wealth account.