Become Our Partner

Paytm Money starts full-fledged broking Services

The much-awaited Paytm stockbroking services, under its subsidiary Paytm Money, have been launched in India for all its users. Initially, they were only giving the option of buying and selling mutual funds from the platform but now one can buy stocks, check charts and financials, etc. Last time we have covered this in detail when Paytm Money was looking to launch broking services that how it is going to disrupt the broking industry with the lowest brokerage offer. You can read the same here.

Paytm joins the bandwagon to offer broking services

As of now, Paytm has a total of 8 Crores users on its platform. We can imagine the kind of disruption it can do the broking industry if they are able to attract 1-2% of these registered users. As per Paytm Money, initially, they are looking to target 10 Lakh users for its broking services. Paytm Money received an overwhelming response to its early access program and registered over 2.2 lakh investors. Out of these, 65% of users are in the age group of 18 to 30 years which reflects more millennials are building their wealth portfolio.

As per Varun Sridhar, CEO — Paytm Money said,

We aim to democratize 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. 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.

Paytm Money is basically trying to replicate the model which Zerodha has done in the last 10 years, i.e. Along with simplified investing in stocks, the platform offers ample opportunities to the user to research the markets, explore market movers, create customizable watchlists, and set price alerts for as many as 50 stocks. Also, users may set weekly/monthly SIPs for stocks and automate stocks investing conveniently.

Zerodha when launched in 2010 had disrupted the broking industry by use of technology and offering of very low brokerage. In the last 10 years, Zerodha has made a name in discount broking and has compelled other incumbent brokers to reduce their brokerages. Now, Paytm Money is aiming to disrupt the discount broking industry with its even more mouth-watering brokerage offers and use of technology.

The next decade would be quite interesting to see how these technology-driven broking companies make a way for themselves and how they make traders and investors feel good about using these products.

Leave a Reply

Become Our Partner
error: Content is protected !!