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After being ‘Play’ed by Google, Paytm Money kickstarts stockbroking pan-India

2 min read
paytm

The wholly-owned subsidiary of Paytm – Paytm Money has rolled out stockbroking services for all its users across the nation. The stock trading feature is available to all, with a prerequisite of a completed KYC.

Paytm Money’s early access program witnessed 2.2lakh investor registrations. It plans to up this figure to 1 million by the end of this fiscal.
65% of users of the early access program are between 18-30 years, reflecting the desire of the millennials in building their wealth portfolio.
The stockbroking service is now available on iOs, Android, and web.
Penetration of the stockbroking service –

The highest adoption of the platform has been observed in Tier I cities:
• Mumbai
• Bangalore
• Hyderabad
• Jaipur
• Ahmedabad

Smaller cities are showing signs of high traction too:
• Thane
• Guntur
• Bardhaman
• Krishna
• Agra

The CEO’s view – CEO of Paytm Money, Varun Sridhar, aims to democratize the wealth management services. This would in turn contribute to the growth of Atmanirbhar Bharat. Mr. Sridhar sees it as a chance for investors and freshers alike to build their portfolio. He guarantees easy and simple investing and trading owing to the technology-enabled solutions provided by Paytm Money. Mr. Varun envisions to challenge the status quo of this stockbroking platform and ensure that it goes on to become one of the best products of India

What is in store for its users? Highlights of Paytm Money’s stockbroking service:
• Zero brokerage on delivery orders
• Intraday trading at Rs 10
• KYC with paperless account opening Stock Charts, Track Market Movers & Company Fundamentals are the perks offered by Bengaluru-based Paytm Money.

The app extends its area of service to include the following:
• Research the markets
• Create customizable watchlists
• set price alerts for around 50 stocks

The users of Paytm Money will also have the convenience of setting weekly or monthly SIPs for stocks & automating stock investing. Another striking feature of this platform is the built-in brokerage calculator. It helps to calculate the brokerage charges precisely and the breakeven price as well. For a larger penetration and a more rewarding experience of investing, cover and bracket orders have been introduced. The company has also guaranteed the use of high-level security and safety measures to protect the user’s confidential and bank data. Paytm Money, with its low charges, will certainly give stiff competition to rivals.

Will investors switch boats or remain loyal to their stockbroking service?

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