Paytm Money opens Stockbroking for all, targets 10 lakh investors this fiscal

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Updated: Sep 28, 2020 1:10 PM

Along with Stock Trading on Paytm Money, the platform offers users to research the markets, explore market movers, create customizable watchlists, and set price alerts for as many as 50 stocks.

The company claims, besides, the advanced charts and other options like cover order, bracket order has been added to make the stock trading experience more rewarding.

Paytm Money, Paytm’s wholly-owned subsidiary, today opened it’s Stockbroking, giving access for everyone in the country. The company is trying to drive higher penetration in investing with an easy to use the product, low pricing (Zero Brokerage on Delivery Orders, Rs 10 for intraday), and digital KYC with paperless account opening. The company aims to onboard over 10 lakh investors this fiscal with the majority of them as first-time users from small cities and towns. Paytm Money is an online wealth management platform in India.

The company says they have received an overwhelming response to its early access program and registered over 2.2 lakh investors. Out of these, 65 per cent of users are in the age group of 18 to 30 years which reflects more millennials are building their wealth portfolio.

According to the company’s data, higher adoption has been seen from Tier 1 cities such as Mumbai, Bangalore, Hyderabad, Jaipur, and Ahmedabad, along with smaller cities such as Thane, Guntur, Bardhaman, Krishna, and Agra.

This service is now available on iOS, Android, and web with fast loading Stock Charts, Track Market Movers, and Company Fundamentals. Paytm Money app also offers an interface to set price alerts and SIPs to invest, trade, and research on stocks.

Varun Sridhar, CEO, Paytm Money 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.”

Along with Stock Trading on Paytm Money, the platform offers users to research the markets, explore market movers, create customizable watchlists, and set price alerts for as many as 50 stocks. Also, investors can set weekly or monthly SIPs for stocks and automate stocks investing conveniently.

Additionally, with the built-in brokerage calculator, investors can also discover the transaction charges and know the exact breakeven price to sell stocks profitably. The company claims, besides, the advanced charts and other options like cover order, bracket order has been added to make the stock trading experience more rewarding.

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