Highlights:
- Paytm now offers stockbroking for everyone
- Company targets 10 lakh investors this fiscal year
- Paytm Money registered over 2.2 lakh users during early access
The digital financial service company Paytm, on Monday, announced that it’s wholly owned subsidiary Paytm Money has now opened Stockbroking access for everyone living in India. The firm is aiming to onboard 10 lakh investors this Fiscal Year with the Majority of them as first time users from the small cities and towns in the country.
The company has said that its efforts are aligned to get deeper penetration in investing along with offering an easy to use the product, low pricing (Zero Brokerage on Delivery Orders, Rs.10 for Intraday) and also digital KYC with paperless account opening.
The firm is striving to become the most comprehensive online wealth management platform in the country which drive financial inclusion for the masses.
Paytm Money received huge registration in its early access program as the company said more than 2.2 lakh investors registered on the platform. Out of this, 65% of users were from the age group of 18 to 30 years which reflects more millennials are building their wealth portfolio.
Paytm Money also witnessed higher adoption from Tier 1 cities such as Mumbai, Bangalore, Hyderabad, Jaipur, and Ahmedabad. Smaller cities such as Thane, Guntur, Bardhaman, Krishna, and Agra are also showing high traction.
The service is now available on iOS, Android and also web with super quick loading Stock Charts, Track Market Movers & Company Fundamentals. The company said, “Paytm Money app also offers a seamless interface to set price alerts & SIPs to invest, trade and research on stocks,” in a statement.
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Paytm Money’s Chief Executive Officer (CEO), Varun Sridhar said, “We aim to democratise wealth management services that contribute to the growth of Atmanirbhar Bharat. We believe it’s an opportunity for us to enable millennials and new investors to build their wealth portfolio. Our technology-enabled solutions help make stock investing simple and easy.”
He added, “We will continue to challenge the status quo and build India’s best product. We remain committed to making Paytm Money a comprehensive wealth management platform for every Indian.”
The service also lets a user research the markets, explore market movers, create customizable watchlists, and even set price alerts for as many as 50 stocks on the market. Users can also set weekly/ monthly SIPs (Systematic Investment Plans) for stocks and automate stocks investing conveniently.
With the help of a built-in brokerage calculator, the investors can discover the transaction charges & know the exact breakeven price to sell stocks profitably.
The company also said, “The advanced charts and other options like cover order & bracket order have been added to make the stock trading experience more rewarding. All this and a lot more would be available with absolute data privacy to keep investors’ personal data safe with bank-level security,” in a release.
