Paytm Money launches stock broking to drive equities penetration, financial inclusion
Paytm has launched stock trading on its online investment and wealth management platform Paytm Money in a move to drive higher penetration in equities investing in India, the homegrown digital financial services major told YourStory.
Paytm launches stock trading on its wealth management platform Paytm Money in beta mode
"With the addition of equities trading, Paytm Money seeks to drive financial inclusion among investors by removing information gaps and facilitating stock penetration in the country," says Varun Sridhar, CEO of Paytm Money.
Varun, who recently took over as CEO of Paytm Money, says cash and intraday stock trading have been introduced in beta mode to select users, and that it plans to launch derivatives trading later.
In India, only a small number of people directly trade in stock markets. With the launch of stock trading, Paytm Money is looking to drive higher penetration in equities investing on the back of its simple, easy-to-use, affordable product, with free cash delivery trades and intraday trades at as low as Rs 10 per trade, and digital KYC with paperless account opening.
For Paytm Money's more than six million users currently on its platform for funds and national pension scheme (NPS) investments, the launch of stock broking services will help both experienced and first-time investors to seamlessly trade and invest in stocks in a completely digital and secure environment.
To receive feedback on its stock broking services, Paytm Money is offering early access to a select set of users on Android and Web; an iOS release is expected to follow in a few weeks. The app will eventually be opened to everyone in a few weeks.
Varun Sridhar, CEO of Paytm Money, says the company aims to facilitate stock penetration in India
"The app would provide in-depth financial and historical 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," Varun Sridhar adds.
Paytm Money stock-broking services
In addition to providing digital onboarding and account opening services, the app also enables users to trade and invest in stocks, as well as conduct detailed research on equities.
With its Smart Search and Notifications, users can discover and set price alerts for up to 50 stocks and receive notifications when that stock price is reached. They can also create and customise multiple watchlists to track real-time stock price changes for up to 50 stocks.
Users can also automate stock investing by setting buy orders on a weekly/monthly basis. In addition, with the built-in brokerage calculator, users can find transaction charges and the exact breakeven price to sell stocks profitably.
The app also provides advanced charts features along with other options like cover order and bracket order to make the equities trading experience more rewarding.
(Edited by Teja Lele Desai)