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Paytm Money opens stockbroking for all; targets 10 lakh investors in FY21

BusinessToday.In     September 28, 2020

Digital financial services firm Paytm Money on Monday announced that its wholly-owned subsidiary Paytm Money has opened access to stockbroking for all across the country. The company targets 10 lakh first time users from small cities and towns.

"The efforts are aligned 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 said.

So far, the company has received more than 2.2 lakh investor registrations for its early access program. Of these, 65 per cent are in the age group of 18 to 30 years. The company also said that the newly launched platform saw higher adoption from Tier 1 cities such as Mumbai, Bangalore, Hyderabad, Jaipur, and Ahmedabad. Smaller cities such as Thane, Guntur, Bardhaman, Krishna, and Agra are also showing high interest.

"We aim to democratise 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," Varun Sridhar, CEO - Paytm Money said.

Meanwhile, Paytm Money earlier this month had said that monthly investment volume in systematic investment plans (SIP) has risen by 143 per cent on its platform in 2019-20. The company said that it has completed two years of business and has been able to acquire 66 lakh customers to invest in various financial services out of which 70 per cent users were the first time investors.

Also read: An inside story of how Paytm-Google fiasco unfolded

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