Paytm Money app: With an aim to double the mutual fund investor base in India to 50 million in the next 5 years, Paytm Money — a subsidiary of One97 Communications Limited owned digital payments company Paytm — announced the launch of its dedicated app for Mutual Fund investments on Tuesday. According to a statement from the company, Paytm Money would focus on building investments and wealth management products and services.
“With Paytm Money we want to democratise and bring Mutual Fund investments to millions of Indians. We are committed to take the Mutual Fund investor base in India to 50 million in the next 5 years and expect Paytm Money to be the catalyst in bringing new incremental investors to this industry.” said Vijay Shekhar Sharma, Founder and CEO of Paytm.
Paytm Money app launches today: 8 key things you need to know
- Paytm Money app will be available for download on both Google’s Android platform and Apple’s mobile operating system iOS from today (September 4, 2018). A statement from Paytm said the company will start providing access to over 2,500 users a day and will increase this to over 10,000 users daily over the next few weeks.
- Paytm Money has already witnessed huge consumer interest with more than 850,000 users registering for early access prior to its launch, the company said. “With over 96% registrations being made from mobile devices, the company has opted for an app-only approach at its launch,” the statement said, adding that over 65% of these registrations have come from B15 (beyond top 15 cities).
- Paytm said that users will be informed about access on their registered mobile number or email address. Paytm Money will enable users to complete their fully digital KYC and onboarding for Mutual Fund investments to offer faster access to its app.
- Paytm Money has partnered with 25 AMCs (asset management companies) covering 90% of industry AUM (Assets Under Management) to offer direct plans of Mutual Funds which come with lower expense ratios due to zero distribution fees or commissions.
- Users can start investing in lump sum or via SIPs with as little as Rs 100 in some of the schemes.
- Paytm Money has tied up with leading rating services – MorningStar, CRISIL and Value Research to ease investment decision-making process. It said that the service will be completely free for its users.
- To drive wider adoption in smaller towns and cities, Paytm Money supports investing from over 190 banks through Auto-pay e-mandates, physical mandates and NetBanking.
- Paytm Money is the 4th consumer brand from One97 Communications Limited, which is headquartered in and operates from Bengaluru. Its 100+ member team is lead by Whole-time Director Pravin Jadhav.