Paytm Money enters into stockbroking services, primarily targeting those who are new to the field. It is on the way to establish a platform like Zerodha and startups like Groww and Upstox.
CEO Varun Sridhar said in an interview that it currently has 90,000 users who are on a wait list for stockbroking, with almost half of Paytm Money’s total user base wanting to try it.
India’s homegrown digital financial services platform Paytm set to launch Stock Trading on its online investment & wealth management platform Paytm Money in beta mode.
Paytm Money plans to enter the derivatives segment as well as provide options around futures trading. It is also looking to launch new features for high-frequency traders. The platform is planning a full-scale launch in September, through which it is expecting to reach 1,00,000 daily traders within 6 months and 2,50,000 customers in the first year.
Paytm Money claims to have more than 6 million users. In its stockbroking service, cash delivery trades are free and intraday trade commissions are around ₹10. Also, with the built-in brokerage calculator, the investor can discover the transaction charges and know the exact break-even price to sell stocks profitably.
By using the built-in brokerage calculator, the investor can discover the transaction charges & know the exact breakeven price to sell stocks profitably. Besides, the advanced charts and other options like cover order & bracket order have been added to make stock trading experience more rewarding.
Varun Sridhar, CEO – Paytm Money said, “With the addition of equities, Paytm Money seeks to drive financial inclusion among investors by removing information gaps and facilitating stock penetration in the country. For this, the app would provide in-depth financial & historical price data for every listed company to enable investors to research the stock market on their own. This promotes simple, convenient, and quick investing, as well as informed decision making by the user. We remain committed to making Paytm Money a comprehensive wealth management platform for every Indian.”