Digital financial services company Paytm Money announced Monday that its wholly-owned subsidiary Paytm Money has opened up access to the stock exchange to everyone in the country. The company aims to onboard more than 10 lakh investors during this fiscal year, the majority of them new users from small towns and villages.
The company made sure its efforts were aligned to increase investment penetration with an easy-to-use product, low prices (zero brokerage on delivery orders, 10 rupees for intraday) and a digital KYC with opening of paperless account. The company strives to become the most comprehensive online wealth management platform in India, promoting financial inclusion of the masses.
Paytm Money has received over 2.2 lakh investor registrations for its early access program. Of these, 65% of users are in the 18-30 age bracket, indicating that more millennials are building their wealth portfolios. The platform has seen higher adoption in Tier 1 cities such as Mumbai, Bangalore, Hyderabad, Jaipur, and Ahmedabad. Small towns such as Thane, Guntur, Bardhaman, Krishna and Agra also show strong traction.
This service is now available on iOS, Android, and web with super-fast loading of stock charts, tracking market movements and company fundamentals. “The Paytm Money app also offers a seamless interface to set price alerts and SIPs for investing, trading and researching stocks,” the company said.
Varun Sridhar, CEO of Paytm Money, said, “We aim to democratize the wealth management services which contribute to the growth of Atmanirbhar Bharat. We believe this is an opportunity for us to allow millennials and new investors to build their wealth portfolios. Our technological solutions help make investing in stocks simple and easy. We will continue to challenge the status quo and create India’s best product. We remain committed to making Paytm Money a comprehensive wealth management platform for every Indian. “
The platform offers users to research markets, explore market movements, create customizable watch lists, and set price alerts for up to 50 stocks. Users can set weekly / monthly SIPs for stocks and automate stock investing in a convenient way.
With the built-in brokerage calculator, the investor can find out the transaction fees and know the exact break-even price to sell stocks profitably.
“Advanced charts and other options like hedge order and range order have been added to make the stock trading experience more rewarding. All this and more would be available with absolute data privacy to protect investor personal data with bank-level security, ”the company said in a statement.