Paytm launches stockbroking services, targets over 10 lakh investors
Fintech gianton Monday formally launched its stockbroking service, targeting nearly 10 lakh investors across the country via its unit, .
Early access to Paytm Money's stockbroking service received over 2.2 lakh registrations, out of which 65 percent were aged 18 to 30 years, the startup said. With millennials becoming increasingly financially savvy, that bodes well for Paytm which hopes to challenge institutional banking services by marrying finance with technology.
The 10 lakh investors the startup hopes to onboard by the end of this fiscal year are expected to be first-time users from small cities and towns, Paytm said. The company has already witnessed high adoption rates from Tier I cities such as Mumbai, Bengaluru, Hyderabad, Jaipur, and Ahmedabad.
Varun Sridhar, CEO of Paytm Money
Smaller cities such as Thane, Guntur, Bardhaman, Krishna, and Agra are showing traction too, the company added. One of Paytm's core aims has been to enable financial inclusion in India by providing tech solutions in a legacy industry riddled with red tape and cumbersome paperwork.
"We aim to democratise wealth management services that contribute to the growth of Aatmanirbhar Bharat. We believe it's an opportunity for us to enable millennials and new investors to build their wealth portfolio," said Varun Sridhar, CEO of Paytm Money, in a company press release.
Apart from low-priced stock investing, the platform offers market research, the ability to search for market movers and create customisable watchlists, options to set weekly and monthly SIPs for stocks, an in-built brokerage calculator so that investors can discover transaction charges and breakeven price to sell stocks, among several other features.
The platform is live across iOS and Android devices, as well as on Paytm Money's website. Paytm Money charges Rs 10 for intraday trades.
Its closest competitors include, Sharekhan's TradeTiger, and Interactive Brokers, among others.