Home Business Paytm enters into stockbroking services

Paytm enters into stockbroking services

Paytm Money has entered stockbroking, primarily targeting those that are new the sector , during a challenge to established rivals like Zerodha, and startups like Groww and Upstox.

Paytm Money, a subsidiary of One97 Communications Ltd, which operates Paytm, has been getting to enter the stockbroking business from its inception in October 2018. It got permission from the Securities and Exchange Board of India (Sebi) in April 2019.

Paytm Money will build products for users who are new trading.

With a full-scale launch expected in September, Paytm Money expects to succeed in 100,000 daily trades within six months and achieve 250,000 customers within the first year.

Paytm Money chief military officer Varun Sridhar said in an interview that it currently has 90,000 users who are on a wait list for stockbroking, with almost half Paytm Money’s total user base eager to try it.

Sridhar said that nearly 60% of Paytm Money’s user base has never invested publicly markets till now.

Paytm Money claims to possess quite 6 million users. In its stockbroking service, cash delivery trades are free and intraday trade commissions are around ₹10.

“With a bank, and other financial offerings, Paytm’s aim currently is financial inclusion, and due to the demographic the corporate targets, it’s very easy for the platform to urge access to a replacement set of users that has never traded before. Hence, cost is certainly a USP (unique selling proposition) for us for stock broking. Also, only 25% of Indian population currently trades within the public market. With Paytm Money’s entry and therefore the scale we offer , we will definitely expand the dimensions of the market,” said Sridhar.

Latest

SBI cautions against hackers; dos and dont’s to prevent fraud

State Bank of India (SBI) has cautioned its customers to guard themselves from cyber thugs. Through a video tweet, the bank has...

Delhi receives heavy rainfall overnight, aread flooded

Delhi & neighbouring areas received heavy rainfall in the night. THe weather department has predicted moderate rain and thunderstorms...

PM Modi: National Recruitment Agency will be boon for youngsters

PM Modi: National Recruitment Agency will be boon for youngsters PM Modi said on Wednesday, The National Recruitment Agency...

Nearly 11 Lakh Indians return under Vande Bharat Mission

More than 10,98,000 Indians stranded abroad in foreign countries due to the pandemic have returned to India under the Vande Bharat Mission...

Drug Makers asked to indicate the prices of Covid-19 vaccines

The development and trails of covid-19 vaccine in India are progressing good and the drug manufacturers have been asked to indicate potential...