Paytm Money integrates with Paytm Payments Bank for mutual fund transactions

New Delhi: Paytm Money Ltd has integrated buying and selling of mutual funds on it's platform for users of Paytm Payments Bank, the company said in a statement Thursday.

Paytm Money will allow 42 million customers of Paytm Payments Bank to invest in mutual funds via netbanking or its app. Paytm Payments Bank customers will now be able to make their account as the primary bank account on Paytm Money for mutual fund transactions.

"With this integration with Paytm Money, we introduce our customers to mutual fund investments. This is in line with our larger goal for financial inclusion," said Satish Kumar Gupta, managing director and chief executive officer at Paytm Payments Bank.

For the integration, Paytm Payments Bank customers will be required to electronically verfify their bank account, enter their payments bank credentials and validate with a four-digit passcode on the Paytm app.

Launched in September 2018, Paytm Money claims to have one million users till date. It has partnered with 35 mutual fund houses, covering over 96% of industry's assets under management.

"This is first of many integrations we expect to bring by deeply integrating with the Paytm ecosystem,” said Pravin Jadhav, whole-time director at Paytm Money.

Paytm Money is also looking to offer shares of listed companies directly to customers, Mint reported in September last year.