Even before Paytm Money completed a year of its launch, the subsidiary of Vijay Shekhar Sharma’s Paytm has become the largest contributor to new SIP registrations done for the Mutual Funds, Paytm Money announced in a statement. “It now contributes to about 40% of all Mutual Fund SIP registrations made via direct mode,” and sees over 5,000 registrations done from its platform every day. With about 3 million users within its first year of launch, Paytm Money manages active SIP books in a number that’s larger than all online platforms combined. The company even expects to cross 1 million active SIPs soon, said Pravin Jadhav, whole-time Director at Paytm Money.
With the Paytm Money app, the investors can top-up, edit, and pause their SIPs anytime. The application also helps automate SIPs through payment mandates across over 200 banks and offers the convenience of simply registering for SIP and paying later. The feature was added earlier in February 2019, about 6 months after the launch of initial application. With the feature, Paytm Money users can start the SIPs without the need of making upfront payments at the moment.
“More than 75% of users on our platform are SIP investors. Our leadership in the largest active SIP book is a result of the trust that our investors have in a safe & secure platform like Paytm Money,” Pravin Jadhav said in a statement. Technology has made it easier for Indian investors to build long term wealth and digital platforms like Paytm Money have enabled financial inclusion of new breed of investors, said Milind Barve, CEO & Managing Director, HDFC Mutual Fund.
Meanwhile, the Bengaluru headquartered company has received regulatory approvals for offering Stock Broking & NPS services to its users. Paytm Money is expected to launch services soon, it said in a statement. The company also aims to become a full-stack investment & wealth management platform.