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Paytm Money rolls-out stock broking services; check out details

Paytm Money will create products for users who are new to trading. A full-scale launch of the service is expected in September this year

twitter-logoBusinessToday.In | August 13, 2020 | Updated 17:38 IST
Paytm Money rolls-out stock broking services; check out details
Paytm Money's new service will let users trade, invest and do detailed research on stocks

Digital payments major Paytm has launched stockbroking services on its wealth management platform Paytm Money to take on rivals such as Zerodha, Groww and Upstox. The service is presently in beta testing, the company said. Meanwhile, the stock trading option is available for Android and web users for now and will soon be available for iOS users as well.

Paytm, which has been meaning to enter the stock trading business right from its inception in October 2018, got permission from the Securities and Exchange Board of India (SEBI) in 2019.

Paytm Money will create products for users who are new to trading. A full-scale launch of the service is expected in September this year. The offering will let users trade, invest and do detailed research on stocks.

Also Read: Paytm Money eyes $1.2 billion funding, to be 3rd unicorn from Paytm family

"This new addition will benefit experienced as well as first-time investors to seamlessly invest and trade in stocks in a completely digital & secure environment," Paytm said in a statement, adding that the new feature will allow the company to target higher participation of people with direct investments in the equity market.

Paytm has introduced cash and intraday trading in beta mode, whereas it is considering launching the derivatives segment later.

Here are the key features of Paytm Money's stock trading feature:-

  • The app supports paperless account opening and a fully digital KYC process which will take 24 hours.
  • The new offering will let investors discover and set price alerts for up to 50 stocks and get a notification when the price is reached.
  • Users can also set up and customise several watchlists to track price changes in real-time (for as many as 50 stocks).
  • The new service also lets investors automate stock investing by setting buy orders on a weekly or monthly basis.
  • The new feature has a built-in calculator that enables users to find out the transaction charges and know the precise breakeven price to sell the stocks on profit.
  • The investors can get details on market movers basis the top gainers, top losers, movers by value and volume on the app's new service.

Also Read: Vijay Shekhar Sharma expects Paytm to turn profitable after two years

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