Paytm Money launches beta version of stock broking services
Paytm Money, the wealth management unit of One97 Communications-run digital payments company Paytm, has launched a beta version of stock trading services on its platform.
The addition will target first time investors in the field, a statement said. Currently accessible by select Android and web users, the service will be rolled out on iOS in a few weeks, it said.
The company, which has eyed the stock broking business since its inception in October 2018, received the Securities and Exchange Board of India (SEBI) approval to set up the service only in December 2019.
The Bengaluru-based company aims to drive higher penetration in equities investing with an easy-to-use product, low pricing -- cash delivery trades are free with intraday trades as low as Rs 10 -- and digital KYC with paperless account opening, the statement added. The platform has cash and intraday trading for now, and plans to add the derivatives segment soon.
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, Varun Sridhar, who was appointed the CEO of Paytm Money a few weeks ago, said.
“For this, the app would provide in-depth financial and historic price data for every listed company to enable investors to research the stock market on their own. This promotes simple, convenient and quick investing, as well as informed decision making by the user,” he said.
The firm, with over 300 employees and six million users on its platform, reportedly had plans to raise $1.2 billion in a funding round in June 2019.