After Insurance And Banking, Paytm To Begin Stock Market Trading Services Soon; All You Need To Know

Leading digital payment platform Paytm has announced that it will start its stock borking services in the coming weeks. The company had received approval from SEBI in January.

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New Delhi: Leading digital payments platform, Paytm is going to foray into stockbroking services in the coming weeks. The company which has already entered the insurance and banking sectors announced the decision during the Global Fintech Festival. ALSO READ| TikTok Founder Zhang Yiming Devising Ways To Counter Threat Of US Ban: Report Founder Vijay Shekhar Sharma said in a report by Business Insider that the company gets bulk of its revenue from payments and after building the e-commerce business started working on 'financial services stack. "We are doing good in mutual funds and we hope to do stock brokerage soon which will be launching in the next few weeks,’ said Sharma in the report. The company received approval for stockbroking from SEBI in January this year. The company said in a statement that they were on track to become a ‘full-stack wealth management platform’ and are hoping to ‘bring wealth creation opportunities to millions of Indians.’

Waiting to invest in Stock Markets ????

Our team @PaytmMoney is testing product, order executions, connectivity, infrastructure, operations and much more with stock exchanges today ???? We know you are eagerly waiting. Soon, very soon :) pic.twitter.com/I2un2aeBNl — Paytm Money (@PaytmMoney) January 4, 2020

The stockbroking portfolio will be under the Paytm wealth feature. With this step, the company will now compete with the likes of other financial service companies such as Zerodha which has over 2.8 million retail customers. Paytm had also recently expanded its insurance portfolio by acquiring the Mumbai-based private sector general insurance company Raheja QBE. "It is an important milestone in Paytm's financial services journey and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company," said Amit Nayyar, Paytm president, said in a statement.