Paytm Money launches stockbroking feature for selected users
Paytm Money launches stockbroking feature for selected users – Paytm Money, the wealth management arm of One97 Communications, has softly launched a stockbroking feature within the app as the organization has been getting to launch a stockbroking service for a short time.
While the feature is currently during a closed beta stage, it’ll be unrolled for everybody during a few weeks from now. it’s worth noting that the Noida-based firm had received a nod for stockbroking services from the Securities & Exchange Board of India or SEBI last year. The app is out there for Android users only and currently supports investments made by Indian residents.
With the stock trading feature, Paytm Money will compete with Zerodha, ET Money, IndMoney and India Infoline, Groww, and Cube Wealth, among others. at present, Zerodha leads the discount brokerage space and contributes to almost 15% of the Indian retail trading volume. The Nitin Kamath-led company is the largest retail stockbroker with a customer base of over 1.5 million.
Paytm’s founder Vijay Shekhar Sharma hinted about stockbroking services at a recent industry conference. The wealth management app also received approval to supply NPS from the Pension Fund Regulatory and Development Authority (PFRDA).
Paytm Money is that the most vital bet by the Noida-based venture after Paytm Mall. Launched in October 2018, it also claims to possess Rs 5,000 crore assets under its management. Paytm Money had recently roped in Varun Sridhar because of the new CEO and elevated Amit Kapoor to CFO and vice chairman of the organization.
Importantly, Pravin Jadhav who led Paytm Money from scratch left Paytm Money due to some differences with the organization and its board on the pretext of ESOPs and remuneration. Soon after his exit, Paytm Money’s CTO and operations head also resigned.
Of late, there has been a race for becoming an excellent app for managing the wealth of 200 million Indians who invest in mutual funds, SIPs, and stocks. quite half a dozen well-funded companies alongside smaller ones are competing fiercely to onboard and retain users.
Paytm Money will have a plus over others due to its strong branding and reach. On the lines of its payments business, if the corporate finds an edge in smaller cities and attracts the low-income groups to take a position in mutual funds, SIPs, or gold; it’s going to emerge a winner within the overall wealth management space.
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