Paytm Money, the digital financial services arm of mobile wallet company Paytm, today expanded its business by launching stock trading on its platform.
The stock trading is available in its beta version of Paytm Money App for a few android users as part of its early access program.
The cash delivery trades are free on the app, and only ₹10 is charged for intraday trades, said a release from the company.
Paytm Money Stock Trading allows a fully digital KYC and 100% paperless account opening process.
The new launch comes nearly two years after Paytm Money started allowing mutual fund investments.
The move would bring Paytm to the competition that already has established players including HDFC Securities and ICICI Securities as well as existing players such as Fyers, Groww, and Zerodha.
To begin with the new experience, Paytm Money has brought cash and intraday trading to its Android and Web users, though users on iOS will need to wait for a few weeks. There are also plans to bring a dedicated derivatives segment at a later stage. Moreover, Paytm is aiming to drive higher penetration in equities through the latest development.
Paytm Money has included the option to let users discover and set price alerts for up to 50 stocks. Seasoned investors can also create and customise multiple watchlists to track real-time price changes for as many as 50 stocks simultaneously.
Further, there is a built-in brokerage calculator to provide details about transaction charges. The Paytm Money app has also included options such as cover order and bracket order.
In terms of pricing, Paytm Money claims to provide a competitive offering to investors by enabling cash delivery trades for free and intraday trades as low as Rs. 10. Platforms including Zerodha and Groww also offer free equity delivery to users.
However, Zerodha charges Rs. 20 or 0.03 percent per executed order (whichever is lower) on intraday trades as well as futures and options (F&O) trading. Groww, on the other hand, charges intraday trades at a minimum of Rs. 20 or 0.01 percent of executed order value.