Paytm Money launches F&O, targets10L traders in 2 yrs
Paytm Money, a wholly-owned subsidiary of Paytm, launched Futures & Options trading (F&O) on its platform, along with its other offerings which include stocks, direct mutual funds, ETF, IPO, NPS and digital gold
PaytmMoney sets target of 10 million users
Mumbai: Paytm Money, a wholly-owned subsidiary of Paytm, launched Futures & Options trading (F&O) on its platform, along with its other offerings which include stocks, direct mutual funds, ETF, IPO, NPS and digital gold.
Through this initiative, Paytm Money aims to have a daily turnover of Rs 1.5 lakh crore and 10 lakh trades in the next 18-24 months.
The platform has launched this service with the most competitive brokerage at Rs 10 for all F&O trades and the low pricing is without any commitments or packages or contracts. This is in line with its intraday charges of Rs10, and free for delivery.
Initially, the company is giving early access to a select user base on Android and Web to receive their feedback. Commercial roll out to all traders and iOS launch will be over the next few weeks. With the launch of F&O on its platform, Paytm Money is aiming at an overall daily turnover of Rs 1.5 lakh crore and 1 million trades a day in the next 18 to 24 months.
The charting provides over 180 studies and patterns usually tracked by the pro traders all in an easy-to-use interface on one's mobile. The price alert feature allows traders to get real-time alerts on any FNO contracts.
Varun Sridhar, CEO, Paytm Money said, "Our pricing of Rs 10 flat per order without any contracts/commitments/conditions brings the overall cost of trading significantly lower and makes it super transparent."
Vijay Shekhar Sharma, Founder & CEO said, "On the mission to bring wealth services to 10 crore Indians, the launch of F&O will accelerate our path. This has been made keeping the mobile-first platform in mind. The simple to use low price product is meant to make deep inroads into smaller towns and cities."
With more than 70 lakhs users, Paytm Money has reached 98 per cent of pin codes in India. Almost 50 per cent of Mutual Funds and stock investors on the platform are new to the market and more than 60 per cent crore hail from tier II, tier III cities. More than 60 lakhs people invest in digital gold on Paytm & Paytm Money. Given the limited penetration of stock investments in the country, the company sees a high growth trajectory for its stock broking offering, similar to its Mutual Fund offerings.
