Paytm to soon launch stock brokerage services: Vijay Shekhar Sharma
During the Global Fintech Fest 2020, Paytm founder Vijay Shekhar Sharma revealed that the stock brokerage services will be coming under the Paytm Wealth feature.
At the Global Fintech Fest 2020, Founder Vijay Shekhar Sharma revealed that his company is soon going to launch stock brokerage services.
Paytm Founder Vijay Shekhar Sharma
According to media reports, during a fireside chat with Rajan Anandan, MD of Sequoia Capital India, Vijay said that stock brokerage services will come under Paytm Wealth feature.
YourStory earlier carried a report that Paytm was witnessing 3.5x growth in transactions on its platform, with more people adopting digital payments due to the pandemic.
He said, "If a customer was doing X transactions before, right now he's doing 2.5-3.5x transactions. Customers who are used to digital are getting engaged deeply, and newer customers are coming on the platform...the number of customers who are on the platform and are doing more number of transactions has phenomenally increased...At a week-level, an active customer is doing two transactions,."
However, regarding the launch of stock brokerage services, the Noida-based fintech giant is yet to release a statement. Earlier in April, 2019, its wealth management division, Paytm Money had received approval from capital market regulator Securities and Exchange Board of India (SEBI) to start Stock Broking.
This year, in March, Paytm Insurance Broking Private Limited (PIBPL) secured a licence to sell life and non-life insurance from the Insurance Regulatory and Development Authority of India (IRDAI), allowing the company to roll out insurance products to its customers.
Paytm also recently announced that it was acquiring Mumbai-based Raheja QBE, a private sector general insurer. The acquisition will enable Paytm to innovate insurance products and services to accelerate its reach and adoption. Paytm is on a mission to drive financial inclusion for over half-a-billion Indians.
last raised funds from its parent company One97 Communications. This funding round was a part of a Rs 250 crore commitment that Paytm Money received from One97 Communications, that was announced last year.
Edited by Kanishk Singh