India’s homegrown, Paytm Money, has launched a stockbroking service on its online investment and wealth management app. Paytm has been planning to launch this new addition for a while. This service will help the investors to seamlessly invest and trade in stocks digitally in a safe and secure environment. By this new addition in the app, Paytm is trying to become the most comprehensive digital wealth management app in the country.
About stock trading via Paytm
This new feature of Paytm will help the investors to seamlessly invest and trade in stocks digitally in a safe and secure environment. With the launch of this stockbroking service, the company aims to reach a higher number of people in equities investing by providing an easy user-interface. Paytm money claims to provide low pricing along with digital KYC and paperless account opening.
This feature is currently available in beta mode, however, it will be rolled out for everyone shortly.
For this stockbroking service, Paytm had received a green signal from the Securities & Exchange Board of India or SEBI in 2019.
Coming to the app’s availability, the app is available only for Android users. Moreover, at present, it only supports investments made by Indian residents.
Commenting on the launch Varun Sridhar the CEO of 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.”
Other competitors in the market
This new feature of Paytm, Paytm Money, will have to compete with other apps that provide stockbroking services like – Cube Wealth, ET Money, Groww, IndMoney, and India Infoline, Zerodha, and so on.
At present Nitin Kamath-led Zerodha, is the leading stockbroking service provider and occupies around 15 percent of the Indian retail trading volume with a customer base of over 1.5 million.