The company is offering low pricing on trades, with intraday trades to be at Rs 10 and digital KYC for customers onboarding
Digital financial services platform Paytm today announced the launch of stock trading on its online investment and wealth management platform Paytm Money in beta mode. According to the company, the addition will benefit experienced as well as first-time investors to seamlessly invest and trade in stocks in a completely digital and secure environment. Through this, the company is striving to become the most comprehensive online wealth management platforms in India driving financial inclusion for the masses.
“In India, a limited number of people directly invest in equity markets. With the launch of stock trading, Paytm Money aims to drive higher penetration in equities investing with an easy to use product, low pricing (cash delivery trades are free with intraday trades as low as Rs.10) and digital KYC with paperless account opening,” the company said in an official statement. The company is offering early access to a select set of users to receive feedback and the app will eventually be opened to everyone in a few weeks. This service is only accessible for its Android and Web users, and will be followed by an iOS release in a few weeks.
According to Varun Sridhar, CEO, Paytm Money, with the addition of equities, Paytm Money seeks to drive financial inclusion among investors by removing information gaps and facilitating stock penetration in the country. “For this, 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,” he added further. As per the company, cash and intraday trading has been introduced in beta mode, and the company plans to launch the derivatives segment later.