Paytm Money rolls out stockbroking services to all users

Over a month after it launched stockbroking services to select users, Paytm Money on Monday announced that it has rolled out the service to all. According to the company, it is targeting 10 lakh investors this fiscal year, and is focussing on first-time users from small cities and towns. 

For its early access program, the company said that it has 2.2 lakh users, of which 65% were between the ages of 18 and 30 with higher adoption from Tier 1 cities such as Mumbai, Bangalore, Hyderabad, Jaipur, and Ahmedabad. It added that it was also receiving traction from smaller cities such as Thane, Guntur, Bardhaman, Krishna, and Agra.  The pandemic has seen a surge in younger investors. 

Paytm Money has zero brokerage on delivery orders and charges Rs 10 for intraday trades. It said it is “striving to become the most comprehensive online wealth management platform in India driving financial inclusion for the masses.”

The company said that it aims to democratize digital investing for Indians, and also allows uses to research markets, create watchlists and set price alerts for upto 50 stocks.

“Also, users may set weekly/monthly SIPs for stocks and automate stocks investing conveniently. With the built-in brokerage calculator, the investor can discover the transaction charges & know the exact breakeven price to sell stocks profitably. Besides, the advanced charts and other options like cover order & bracket order have been added to make the stock trading experience more rewarding,” the company said in a release.

It’s available on iOS, Android and web.

“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. We will continue to challenge the status quo and build India's best product. We remain committed to making Paytm Money a comprehensive wealth management platform for every Indian,” Varun Sridhar, the CEO of Paytm Money said.