Investment platform Paytm Money, a subsidiary of financial services company Paytm, kicked off stockbroking operations on Thursday, with delivery trades for free and intraday trades at Rs 10. This is in beta, and Paytm Money said that the app gives the ability to invest, trade 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.
This is currently being opened to a few customers for early access with iOS to be rolled out in the coming months.
It said that with Paytm Money, it wants to drive higher penetration in equities.
Paytm Money already has mutual funds and NPS investments, for which it claims to have over six million users.
With more than 6 million users on its platform for Mutual Funds & NPS investments, today Paytm Money has investors from 98% of pin codes of India. With its investor first approach, the team at Paytm Money sees a similar trajectory for stocks on its app given the limited penetration of the product in the country and the ease of accessibility the app offers.
Paytm said that cash and intraday trading has been launched now in beta mode, and it plans to introduce the derivatives segment later. It said that users can set price alerts for upto 50 stocks and can be notified when the price is reached.
Paytm Money said that investors can automate stock investing by setting buy orders on a weekly or monthly basis. It also comes with a brokerage calculator.
“Besides, the advanced charts and other options like cover order & bracket order have been added to make stock trading experience more rewarding. All this and a lot more would be available with absolute data privacy to keep investors’ personal data safe with bank-level security,” Paytm 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. For this, the app would provide in-depth financial & historical price data for every listed company to enable investors to research the stock market on their own. This promotes simple, convenient, and quick investing, as well as informed decision making by the user,” said Varun Sridhar, the CEO of Paytm Money.