Paytm Money Launches Stock Trading, offers an early access to a selected set of users to receive feedback
Paytm is an Indian e-commerce payment system. Paytm Money started mutual fund investment two years back. It also offers National Pension System (NPS) investment. Now, the company has expanded its venture further. It has launched stock trading feature on its application- Paytm Money. It had received a formal approval from the SEBI to start its stock broking service in the month of April last year. The app will allow users to invest and trade. It will also allow users to do detailed research on stocks.
As for now, the stock trading will be available in Paytm Money beta testing mode. The application is touted to enable cash delivery trades for free. Also, it charges intraday trades at as low as Rs. 10. This is a competitive offering by the company. Zerodha and Groww also offers free equity delivery to users. Zerodha is the most dominant player in this sector.
The new Stock Trading feature will benefit both the experienced and first-time investors. It will allow them to invest and trade in stocks in a completely digital environment. The company is also offering a completely digital KYC process.
What are the features which the new launch will be offering?
- The company has included the option which will let users discover and set price alerts for up to 50 stocks. So, you can get notified whenever there are any price fluctuations.
- In addition, users can also create and customise multiple watchlists. This will help them in tracking real-time price changes for up to 50 stocks.
- And users will not have to worry about brokerage calculations too.There is a built-in brokerage calculator. This will provide details about transaction charges.
- The Paytm Money app has also included options such as cover order and bracket order.
An extremely limited number of people directly invest in equity markets, in India. Paytm Money is widely used by most of the countrymen. If the company provides a user-friendly and easy stock trading, then it can earn a huge customer base. It can also attract other individuals in the world of equity market. Paytm has more than 6 million users on its platform for Mutual Funds & NPS investments. And also Paytm Money has investors from 98 percent of pin codes of India.
Currently, this is only available for Android and Web users. The company will bring the feature in iOS in some weeks. And users will not have to worry about security concerns. The stock broking service will come with bank-level security. It will also offer data privacy to keep personal data safe.