Paytm Money opens stock market trading (F&O) for all at Rs 10, receives over 1 lakh early access requests
Paytm today announced that its wholly-owned subsidiary Paytm Money has opened Futures & Options stock market trading for all.
Paytm today announced that its wholly-owned subsidiary Paytm Money has opened Futures & Options stock market trading for all. India's homegrown digital financial services platform aims to empower the masses with F&O trading as an important wealth management product. The company said that it received an overwhelming response for F&O trading on its platform with over 1 lakh requests for its Early Access Program. Trading is now live on the Paytm Money app & website for all.
The company said that it has enabled users with the lowest and most competitive brokerage at Rs 10 for F&O, which is in line with its intraday charges of Rs 10, and zero 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. The F&O platform has seamless UI and easy onboarding that makes F&O trading accessible and feasible for every Indian.
Speaking on the move Varun Sridhar, CEO - Paytm Money said, “We are delighted to share that more than 1 lakh users were granted access during the first few weeks of the F&O early access phase in January after its early access launch. The platform witnessed greater adoption by users from Tier 1 cities such as Mumbai, Delhi, Pune, Hyderabad, and Kolkata. Amongst the smaller cities that showed maximum interest were Patna, Kota, and Guntur. Additionally, more than 50 per cent of users belonged to the age group of 20-30 years. Our pricing of Rs 10 flat per order without any contracts or commitments brings the overall cost of trading significantly lower and makes it super transparent. With this, Paytm Money is taking one step further to become India’s most comprehensive & top digital wealth management platform.”
Paytm Money said that during the Early Access Program the company witnessed massive interest coming from tier-III, tier-IV, and the rest of India towns in F&O trade. It has also seen a rise in interest in wealth products in the user base below the age of 30 and women investors. Paytm Money aims at simplifying stock trading for all Indians, be it seasoned traders or new to a market investors by offering them the flexibility to invest and trade via both the app and its website.
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Key highlights of Paytm Money F&O launch
1] Over 50 percent of the trading requests from users under 30 years of age;
2] Tier-II, Tier-III cities including Patna, Guntur, Kota, see maximum traction in trading; and
3] Built-in Brokerage Calculator helps discover the transaction charges & exact breakeven price to sell stocks profitably.
This widespread adoption of F&O Trading on Paytm Money in such a short span holds considerable significance and indicates democratization of digital trading for every Indian. Along with simplified trading in the futures and options segment, Paytm Money offers ample opportunities to the user to research the markets, explore market movers, create customizable watchlists, and set price alerts for as many as 50 stocks.
Also, with the built-in Brokerage Calculator, the investor can discover the transaction charges & know the exact breakeven price to sell stocks profitably.
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