Paytm Money rolls out stockbroking for all, targets 10 lakh investors this fiscal2 min read . Updated: 28 Sep 2020, 10:56 AM IST
- Paytm Money says that it registered over 2.2 Lakh users during its early access program with 65% being millenials
- Paytm Money charges zero brokerage on delivery orders and Rs10 for Intraday
Digital financial services firm Paytm Money announced Monday that it's wholly-owned subsidiary Paytm Money has opened Stockbroking access for everyone in the country. The company aims to onboard over 10 lakh investors this fiscal with the majority of them as first-time users from small cities and towns.
The company has that its efforts are aligned to drive higher penetration in investing with an easy to use product, low pricing (Zero Brokerage on Delivery Orders, Rs.10 for Intraday) and digital KYC with paperless account opening. The company is striving to become the most comprehensive online wealth management platform in India driving financial inclusion for the masses.
Paytm Money received over 2.2 lakh investors registrations for its early access program. Out of these, 65% of users are in the age group of 18 to 30 years which reflects more millennials are building their wealth portfolio. The platform 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.
This service is now available on iOS, android and web with super-fast loading Stock Charts, Track Market Movers & Company Fundamentals. "Paytm Money app also offers a seamless interface to set price alerts & SIPs to invest, trade and research on stocks," says the company statement.
Varun Sridhar, CEO - Paytm Money 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. 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 platform offers users to research the markets, explore market movers, create customizable watchlists, and set price alerts for as many as 50 stocks. Users can set weekly/monthly SIPs for stocks and automate stocks investing conveniently.
With the built-in brokerage calculator, the investor can discover the transaction charges & know the exact breakeven price to sell stocks profitably.
"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," company said in a release.