India’s own e-commerce payment system leader and financial tech giant Paytm has announced today that its wholly-owned subsidiary Paytm Money has initiated stockbroking access for every individual in the country. With the steep rise in the popularity of stockbroking within the country, the company expects to on-board more than 10 lakh potential investors this fiscal year, with a majority of them joining as first-time users from small cities and towns across India.
Through a press release, Paytm has expressed that the company’s efforts are aimed at driving a higher penetration in equity investing, with a product that facilitates the ease of use, low pricing, and allowing customers the opportunity to open their accounts paperlessly, by means of digital KYC.
PayTM also expects to keep the pricing low by offering ‘zero brokerage on delivery orders’ and a minimal charge of Rs 10 for intraday.
According to the release, the company is doing all it can to become the most comprehensive wealth management platform within the country, while simultaneously striving for financial inclusion for the masses and assisting the population with everything stock related. And it looks like its plan is working. Paytm has already generated significant attention from the masses, as an early access program saw the company register over 2.2 lakh investors to its PayTM Money subsidiary.
The company aims to use its popularity among millennials to grow the new platform, as 65% of the 2.2 lakh initial investors fall in the range of 18 to 30 years of age.
Paytm Money has seen significant traction from both Tier 1 and smaller cities alike. Tier 1 cities like Mumbai, Hyderabad, Bangalore, Jaipur, and Ahmedabad generated widespread interest in the platform while smaller cities like Agra, Krishna, Bardhaman, Thane, Guntur also saw large scale traction.
The company’s aspirations and goals surrounding its new platform were made clear in the words of Varun Sridhar, CEO of Paytm Money who said, “We aim to democratize wealth management services that contribute to the growth of Atmanirbhar Bharat. We believe it’s an opportunity for us to enable millennials and new investors to build their wealth portfolio. Our technology-enabled solutions help make stock investing simple and easy. We will continue to challenge the status quo and build India’s best product. We remain committed to making Paytm Money a comprehensive wealth management platform for every Indian.”
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