Now Paytm Payments Bank users can invest in mutual funds directly through Paytm Money

Users of Paytm Payments Bank will now be able to seamlessly invest in mutual funds (MF) through Paytm’s MF investments platform Paytm Money, the company said as it integrated the two financial platforms today.

Paytm said the integration will aim at benefiting more than 42 million customers of its payments bank for seamless wealth management, it said in a statement.

The users would now be able to make their account as the primary bank account on Paytm Money that would also be the default account for investment and redemption of their MF investments.

“This is first of many integrations we expect to bring by deeply integrating with the Paytm ecosystem. We are excited about working with the Paytm Payments Bank team to bring the convenience of investing in MF by enabling net banking and UPI for their customers,” Paytm Money’s whole-time director Pravin Jadhav said.

As a one-time process, users would have to electronically verify their bank accounts before paying using Paytm Payments Bank. Post verification, users would have to enter their payments bank credentials for the bank account and validate the payment using the 4-digit passcode on the Paytm app.

Launched last year, Paytm Money has acquired more than 1 million users that it claimed to be the largest platform for direct MF investments in India.

Paytm Money has so far partnered with 35 asset management companies and is based in Bengaluru with a headcount of over 250 members.

Earlier this month, the company announced Register SIP Now, Pay Later service for users looking to invest in SIPs through Paytm Money but don’t have funds at the time of registering.

Paytm Money said that the amount will be automatically invested on scheduled SIP date for investors who have opted for auto-pay for their SIPs.

Paytm has said that its users would now be able to track the performance of their MF investments on its subsidiary portal Paytm Money for free.

In January, Paytm said its users would now be able to track the performance of their MF investments on Paytm Money for free.

Investors would have to upload their Consolidated Account Statement generated via Karvy Fintech on Paytm Money to track their all investments in their portfolio on the Paytm Money app, the company said.