Digital financial services platform Paytm has announced that its wholly-owned subsidiary Paytm Money has opened stockbroking access for everyone in the country. The company says it aims to onboard over 10 lakh investors this fiscal with the majority of them as first-time users from small cities and towns.
The financial services firm says 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. And, it is striving to become the most comprehensive online wealth management platform in India driving financial inclusion for the masses.
“Paytm Money received an overwhelming response to its early access program and registered over 2.2 lakh investors. 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,” Paytm said in a statement.
Sridhar adds, “This widespread adoption of Stocks Trading on Paytm Money in such a short span holds considerable significance and indicates recognition towards the company efforts to democratize digital investing for every Indian. Along with simplified investing in stocks, the platform offers ample opportunities to the user to research the markets, explore market movers, create customizable watchlists, and set price alerts for as many as 50 stocks. Also, users may set weekly/monthly SIPs for stocks and automate stocks investing conveniently. With the built-in brokerage calculator, the investor can discover the transaction charges and know the exact breakeven price to sell stocks profitably.”
