Indian online payment App Paytm, have now launched a new service, which will enable users to carry out transactions in the share market through their App.
On the 2nd of April, 2019, the online payment giant Paytm announced its latest addition to its features- now shares can be purchased and sold via the App, with the App acting as a stockbroker.
Paytm became a member of the two main security exchanges of our country, namely, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). It has also received all the necessary permissions for its new venture, from the Securities and Exchange Board of India.
With all of these developments, Paytm is preparing itself to be transformed into a fully functional wealth management platform. Apart from already facilitating mutual funds, the App now is evolving itself to offer a wider range of market operations like trading in equities and cash segments, derivatives etc.
According to Paytm’s official statement, they seek to move closer to becoming a full fledged wealth management platform with a vision to bring wealth creation opportunities to millions of Indians.
The company’s engineering and production teams are working hard in order to begin the working of this new feature, however, an official date of its release, has not yet been revealed.
Once Paytm rolls out this feature, it will pose as a competitor to the already functional online trading platform - Zerodha. It’ll be interesting to watch the competition, and marketing strategies between Zerodha and Paytm. Paytm currently has 10 crore users of its main App, and over 10 lakh users of Paytm money.