Stock Market News: Paytm today announced that its wholly-owned subsidiary Paytm Money now provides Futures & Options trading (F&O) on its platform, along with its other offerings – Stocks, Direct Mutual Funds, ETF, IPO, NPS and Digital Gold. The digital financial services 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 Rs 10 and free for delivery. The pricing disruption will benefit experienced as well as first-time traders to seamlessly trade in futures & options with a best in class product, on their mobile and in a secure environment.
Speaking on the launch Vijay Shekhar Sharma, Founder & CEO at Paytm said, “On the mission to bring wealth services to 100 million 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.”
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Varun Sridhar, CEO at Paytm Money said, “We are very happy to launch a best in class FNO platform with a super-fast experience, simple interface, built on the cloud to ensure stability, advanced charting & features to support high-frequency traders and most importantly making it simple for new traders to buy their first FNO contract. 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. We are eagerly looking forward to bringing thousands of new traders to the markets. With this, Paytm Money is taking one step further to become India’s most comprehensive & #1 digital wealth management platform.”
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 & 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.
With more than 7 million users, Paytm Money has reached 98 per cent of pin codes in India, which truly defines that the app is made for Bharat. Almost 50 per cent of Mutual Funds and Stocks investors on the platform are new to the market and more than 60 per cent hail from Tier-II, Tier-III cities. More than 60 million 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 stocks broking offering, similar to its Mutual Fund offerings.