Money & Banking

Paytm Money starts stockbroking business

Our Bureau Mumbai | Updated on September 28, 2020

To onboard 10 lakh investors in FY21, mostly from small towns

Homegrown digital financial services platform Paytm on Monday announced that its wholly-owned subsidiary Paytm Money has opened stockbroking access for everyone in the country.

Also read: Paytm will be launching stock-broking services soon: CEO

“The company aims to onboard over 10 lakh investors this fiscal with the majority of them first-time users from small cities and towns,” it said in a statement, adding that it aims to drive higher penetration in investing with an easy-to-use product, low pricing and digital KYC with paperless account opening.

Paytm Money has registered over 2.2 lakh investors, of which 65 per cent of users are in the age group of 18 to 30 years.

The platform witnessed higher adoption from Tier 1 cities such as Mumbai, Bengaluru, Hyderabad, Jaipur and Ahmedabad. Smaller cities such as Thane, Guntur, Bardhaman, Krishna, and Agra are also showing high traction.

Also read: Google versus Paytm

The service is now available on iOS, Android and web.

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Published on September 28, 2020
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