Paytm Money, a wholly-owned subsidiary of Paytm, has opened a stockbroking facility for all in the country. Based on the success of its early access programme, it now hopes to add over 10 lakh investors this fiscal. It has attracted 2.2 lakh investors already under its early access programme.
Paytm Money is looking at getting on board mostly first-time users from small cities and towns. It aims 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.
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 app has, so far, attracted 65 per cent of users 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 and company fundamentals.
The app also allows set price alerts and SIPs to invest, trade and research on stocks.
