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Paytm Money launches stock broking; here are the details

Paytm Money launches stock broking; here are the details

Paytm Money launches stock broking; here are the details
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By CNBCTV18.com Aug 13, 2020 12:32:57 PM IST (Updated)

Digital payments company Paytm has launched the feature of stock trading on its online investment and wealth management platform Paytm Money.

Digital payments company Paytm has launched the feature of stock trading on its online investment and wealth management platform Paytm Money. The offering is currently in a beta testing mode, the company said.

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Enabling digital onboarding and account opening process, the app will allow users 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 in a statement.
With the launch of the new feature, Paytm Monday aims at driving higher participation of people with direct investments in the stock market, the company stated. The company promises "an easy to use product" with "low pricing (cash delivery trades are free with intraday trades as low as Rs.10) and digital KYC with paperless account opening".
As the feature is in testing mode, it currently offers access to a select set of users to receive feedback. It will be opened to all users in a few weeks. "This service is only accessible for its Android & Web users, and will be followed by an iOS release in a few weeks," the company said.
Cash and intraday trading has been introduced in beta mode while it plans to launch the derivatives segment later. The users can discover and set price alerts for as many as 50 stocks and get notified when the price is reached. The investor can also create and customise multiple watchlists to track real-time price changes for up to 50 stocks.
Users can also automate stock investing by setting buy orders on a weekly or monthly basis. The built-in brokerage calculator allows the investor to discover the transaction charges and know the exact breakeven price to sell stocks profitably.
With more than 6 million users on its platform for Mutual Funds & NPS investments, Paytm Money has investors from 98 percent of pin codes of India. Paytm Money expects a similar trajectory for stocks on its app.
"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. We remain committed to making Paytm Money a comprehensive wealth management platform for every Indian," said Varun Sridhar, CEO, Paytm Money.
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