Share Trading Via Paym Money
Share Trading: After mutual funds, Vijay Shekhar Sharma-led Paytm Money now wants you to buy the shares of listed companies on its platform. The company is expected to submit an application to the Bombay Stock Exchange or the National Stock Exchange in the next two weeks. Launched on September 4, Paytm Money offers investments in direct plans of mutual fund schemes at zero fees and commissions along with up to 1 per cent higher returns.
Over 10,70,252 users have the direct access to Paytm Money products right now. The benefit of opening an account with Paytm Money is no initial charges, commission-free investing, up to 1 per cent higher returns, portfolio insights and access to all the schemes, totalling over Rs 23-lakh crore, from 25 plus mutual fund houses covering 90 per cent of the industry AUM.
Despite an increase in disposable income, India’s vast majority of the population does not invest in shares. As per the RBI’s annual report, only 0.9 per cent of the gross national disposable income was invested into shares and debentures in the financial year 2017-18. This is a huge improvement from the previous year’s number of 0.2 per cent.
With over 96 per cent early registrations being made from mobile devices, the Bangalore-based company has opted for an app-only approach for investment in mutual funds as well as shares. Paytm Money is also offering systematic investment plans (SIPs) for as low as Rs 100 in some of the schemes as it targets individual investors sitting in Tier 2-3 cities. Customers can buy mutual funds directly from their bank accounts, and they don’t need to store money in the Paytm wallet. Paytm Money supports investing from over 190 banks through auto-pay e-mandates, physical mandates and net banking. By the end of this fiscal year, Paytm’s parent company, One97 Communication, wants to invest around $10 million in Paytm Money on technology, development, design, and engineering fronts.