Now you can invest directly in equity markets using Paytm Money’s new stock trading service
Paytm Money is a transaction and advisory platform for the investor looking to invest in a mutual fund and also provides many other digital finance services. Paytm Money is a subsidiary of PAYTM. The Paytm Money app has been downloaded more than 5 million times in google play store. Paytm Money, the digital financial services arm of mobile wallet company Paytm has now added a new service to its business known as stock trading on its platform.
The service is initially available in beta, the service on the popular digital finance app enables cash delivery trades for free, while it charges intraday trades at as low as Rs. 10. It has been 2 years since the company started allowing mutual fund investments. Meanwhile, it’s better to inform you that Paytm Money Stock Trading allows a fully digital KYC and 100% paperless account opening process.
As the news comes in it is known that new stock trading service will be rolled out in a phased manner. In the early access stage, a limited number of users will be given access every day. Post gauging the user-feedback and market reaction Paytm will eventually open the access to all in a few weeks. This new addition will benefit experienced as well as first-time investors to seamlessly invest and trade in stocks in a completely digital & secure environment, the company 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. In India, a limited number of people directly invest in equity markets. With the launch of stock trading, Paytm Money aims to drive higher penetration in equities investing with an easy to use the product, low pricing (cash delivery trades are free with intraday trades as low as Rs 10) and digital KYC with paperless account opening,
Varun Sridhar, CEO of Paytm Money
Until July 2020, the company claims that it has more than 6 million users on its platform for Mutual Funds & NPS investments, and which also covers 98 percent of pin codes of India. The move would bring Paytm to the competition that already has established players including HDFC Securities and ICICI Securities as well as existing players such as Fyers, Groww, and Zerodha.
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