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.
"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:-
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today