India’s homegrown 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. This new addition will benefit experienced as well as first-time investors to seamlessly invest and trade in stocks in a completely digital and secure environment. 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 INR 10) and digital KYC with paperless account opening. 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.
With more than 6 million users on its platform for Mutual Funds and NPS investments, today Paytm Money has investors from 98 per cent of pin codes of India. With its investor first approach, the team at Paytm Money sees a similar trajectory for stocks on its app given the limited penetration of the product in the country and the ease of accessibility the app offers.
Varun Sridhar, CEO, Paytm Money said, “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. We remain committed to making Paytm Money a comprehensive wealth management platform for every Indian.”
Cash and intraday trading has been introduced in beta mode, Paytm Money plans to launch the derivatives segment later. The inclusion of stocks to an already feature-rich platform is a smart move that will aid the investor journey in more ways than one. With its smart search and notifications, users can discover and set price alerts for as many as 50 stocks and get notified when the price is reached. Moreover, the investor can create and customize multiple watchlists to track real-time price changes for up to 50 stocks. Users can also automate stock investing by setting buy orders on a weekly/monthly basis. Also, with the built-in brokerage calculator, the investor can discover the transaction charges and know the exact breakeven price to sell stocks profitably. Besides, the advanced charts and other options like cover order and bracket order have been added to make stock trading experience more rewarding. All this and a lot more would be available with absolute data privacy to keep investors’ personal data safe with bank-level security.
