Paytm Money, the financial arm of payments company Paytm has launched a stockbroking service on its mobile app. In the beta stage the access to the service is currently available to few users but shall be available for all in due time of few weeks. Also, currently its limited in the sense that only resident users can invest via the facility.
The facility was being worked upon ever since the SEBI gave its go ahead to the company to launch stock broking in 2019. So, it shall be a new entity to compete with services from Groww, India Infoline , Cube Wealth and the likes which attracted a lot of retail investor interest amid the lockdown.
The wealth management space is only getting bigger with a customer base of 200 million trying their fortunes in various available investment options such as stocks, mutual funds.
Paytm off late also started offering NPS over its platform.