- 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.
After 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.
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