Paytm Money now allows trading in the stock market.
Paytm launched its Paytm Money platform back in 2017. The platform initially helped consumers to invest in Mutual Funds with just a click of a button in the Android or iOS app. Now, the digital financial service is adding yet another service to the platform. Going forward, Paytm Money users will be able to invest in stocks.
With this Paytm Money is not only going against developed players like HDFC Securities, ICICI Direct, Kotak Securities but also will be competing against the likes of Zerodha, Groww, Sharekhan and more. In order to be competitive, the company is offering intraday trading charges at as low as Rs. 10.
In order to get a Demat Account with Paytm Money, the users will first need to download and install the Paytm Money app on their Android or iOS smartphone. The stock market trading is not yet available on iOS but will be arriving soon. Until then, the users can also head over to the web version.
First, the user will need to create an account with Paytm Money and do a KYC verification. The user will also be required to link their bank account through which they would like to add funds into the Demat Account.
As for the pricing, Paytm Money is charging as low as Rs. 10 on intraday trades. The company is also charging a brokerage fee of Rs. 0.01 + GST per executed order. DP charges for Delivery Sell Orders are set at Rs. 10 per scrip per day. Paytm Money will also be charging an annual fee of Rs. 300 and will charge Rs. 200 initially as Digital KYC Charges.
Varun Sridhar, CEO of Paytm Money, in a press statement, said, “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.”
It is safe to trade with Paytm Money as the company has already received formal approval from the Securities and Exchange Board of India (SEBI) for its stockbroking service back in April 2019. Currently, the platform also offers mutual fund and National Pension System (NPS) investments.
