Paytm is set to launch its stock market trading service in the next few weeks, says founder Vijay Shekhar Sharma
- Paytm is set to launch its stock market trading service in the next few weeks.
- Paytm had received the approval for stock broking from SEBI in January 2020.
- With this, the company will be competing with the likes of Zerodha.
AdvertisementAfter gaining leadership in the digital payments arena, and foraying into mutual funds and insurance, Paytm is expanding its services further to bring its customers more options. Paytm is all set to launch its stock broking service in the next few weeks. Vijay Shekhar Sharma, the founder of the digital payments company, announced during the Global Fintech Festival.
“Payments is the largest revenue for us, and then we started to build different commerce stacks like ticketing and then came the e-commerce business. We then started to build our financial services stack, we have insurance and hope to do lending, we are doing good in mutual funds and we hope to do stock brokerage soon which we will be launching in the next few weeks,” Sharma said.
Sharma said the stock broking offering will come under the Paytm Wealth feature.
Paytm had received the approval for stock broking from SEBI in January 2020. “We will be introducing new capabilities & offerings on our platform, such as trading in equities & cash segments, derivatives, ETFs and more exchange traded products,” the company had said then.
Paytm will be competing with the likes of Zerodha, which claims to currently account for 15% of the Indian retail trading volume with a customer base of 2.8 million. The average age of users is between the age bracket of 25-35.
With this Paytm is moving towards “becoming a full-stack wealth management platform”.
Once, not very long back, just the leader in payments, Paytm’s parent company One97 communications has now forayed into a bunch of new businesses.
|Paytm First Games||Gaming|
|Paytm Money||Mutual Funds|
|Paytm Insurance Broking||Insurance|
|Paytm Payments Bank||Banking|
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