New Delhi, January 13
Paytm Money, a wholly-owned subsidiary of fintech major Paytm, on Wednesday said it will provide Futures & Options trading (F&O) on its platform as it eyes facilitating daily turnover of Rs 1.5 lakh crore in next 18-24 months.
The platform—which also offers services around stocks, direct mutual funds, ETF, IPO, NPS, and digital gold—is focussed on bringing "wealth services to 100 million Indians," Paytm founder and CEO Vijay Shekhar Sharma said during the online launch of the F&O trading service.
"We are on a mission to bring wealth services to 100 million Indians and this launch will provide further acceleration. This product has been made keeping in mind the mobile-first experience and we believe that presenting simple, low price products can help make deep inroads into smaller towns and cities," he added.
Given the limited penetration of stock investments in the country, Paytm sees a high growth trajectory for its stocks broking offering, similar to its mutual fund offerings, Sharma said.
Paytm Money will charge brokerage at Rs 10 for all F&O trades, which is in line with its intraday charges of Rs 10 and free for delivery.
F&O represent 'Derivatives' of the stock market. These Derivatives are the financial instruments deriving their values from an underlying asset like currency, gold or the stocks of a company.
"The pricing disruption will benefit experienced as well as first-time traders to seamlessly trade in F&O with a best in class product on their mobile and in a secure environment...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 18-24 months," Paytm Money CEO Varun Sridhar said.
Initially, Paytm Money will give early access to 500 users, and the public launch is slated in the next two weeks.
"Our platform has a simple interface, built on the cloud to ensure stability, advanced charting and 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," Sridhar said.
With this, Paytm Money is taking one step further to become India's most comprehensive and number one digital wealth management platform, he added.
Almost 50 per cent of mutual funds and stocks investors on Paytm Money's platform are new to the market and more than 60 per cent hail from tier II and III cities. More than 60 million people invest in Digital Gold on Paytm and Paytm Money. — PTI
But Delhi Police say talks in final stages I No decision tak...
Farm leaders refute statement to police
PM on stage, ‘Jai Shri Ram’ chants I CM says it’s unacceptab...
Exhilarating, says IAS officer Panda after jab
CM, LoP suffer setback on their home turfs