Sunday, Apr 11 2021 | Time 03:29 Hrs(IST)
image
  • Thane Traffic police take action on over 1,200 alleged violators
  • Climate envoy Kerry may become 1st top Biden official to visit China next week : Reports
  • Mozambique security services fear emergence of IS enclave in country : Source
  • Top diplomats of Turkey, Egypt hold rare phone call amid push for normalization : Source
  • Covid-19: 4,294 new cases detected in Nashik
  • Djibouti's veteran ruler re-elected for fifth consecutive term : Interior Minister
  • Turkey-Ukraine defense co operation not directed against third countries : Erdogan
  • German, French, Ukrainian leaders may meet within week: Kiev's official
  • Attack on Mozambique's Palma involved militants from at least 4 countries : Source
Business Economy


Paytm Money becomes India's growth enabler for wealth products, aims at 10 million users & 75 million yearly transactions in FY'22

Paytm Money becomes India's growth enabler for wealth products, aims at 10 million users & 75 million yearly transactions in FY'22

Kolkata, Mar 04 (UNI) India’s homegrown digital financial services platform Paytm, today announced that its wholly-owned subsidiary 'Paytm Money' is targeting over 10 million users and 75 million yearly transactions in FY'22.

The company has become the leading driver of wealth creation in the country with over 50 percent 'new to wealth services' users availing investment products including Direct Mutual Funds, Stocks, IPO, F&O, ETF, NPS & Digital gold on the platform.

By allowing small ticket investments and allowing trading at 10 INR per order, Paytm Money is encouraging the masses to start managing their wealth actively and in a safe environment, thus promoting financial inclusion.

The company has made deep inroads into the country & now has customers in 99 percent of all pin-codes helping in democratising wealth products & services. It has over 7 million users and has also achieved over Rs 5000 crore in Direct mutual funds investments. Paytm Money aims to register over 150 percent increase in monthly new SIP registrations and a 200% increase in Total Monthly Investment volumes over the next few months.

By offering Direct mutual funds users save Rs1% in commissions as compared to regular mutual funds and combined with a simple product and 40+ AMCs, investing has become simpler.

The company's stockbroking initiative is helping to bring in more active direct equity investors in an underpenetrated segment. Paytm Money aims to open over 3.5 lakh by year-end and expects 60% of users to be from small cities. By building a simple platform for investors and traders, making delivery orders free and intraday/FNO at 10 INR per order and ensuring the technology behind is stable & solid, active management of users wealth has become easier. Paytm Money is also enabling wealth creation with investments in Initial Public Offers (IPOs). It has made the process of IPO application completely digital & simple for retail investors across the country to apply for IPOs.

The company aims to retain its top position in the market when it comes to digital gold and is set to cross 6,000 kgs of Gold transacted through the platform. Digital Gold has become an important part of the wealth portfolio as its safe, 24kt pure, easy to buy from 1INR to 1Cr and a user can take delivery of the physical gold. The company has more than 60mn investors in digital gold with many opting for Gold SIP as a regular saving option.

While over 35% of investors are less than 25 years, 80% of investors are less than the age of 35 years of age and 90% are less than 40 years.

Apart from this, the company strives to bring in financial inclusion by educating the masses through initiatives such as Masterclass. So far the response for ETF Masterclass and Foundation Masterclass has been overwhelming. More than 2000 people attended these Masterclasses where experts taught the basics of trading and explained the importance of ETFs to the investors. Paytm Money aims to enable over 1 million Indians to trade and invest in capital markets through its education initiatives.

Varun Sridhar, CEO - Paytm Money, said, "We strongly believe that wealth management in the country need to be democratised, embraced, and adopted by all. Technology innovation and a stable product have allowed us to bring direct mutual fund & gold to everyone and offer equity delivery for free and all FN/intraday orders as low as Rs. 10. With our 360-degree approach to providing investment solutions, we have become the leading driver of wealth creation in the country. We are humbled by the trust young investors have shown in Paytm Money, by making it their primary platform for all investments. The next 18 months of innovation, launch of new products and providing a stable platform is going to be our goal. This is just the start."

UNI SJC AND

More News
Bullion Market Closing Rates

Bullion Market Closing Rates

10 Apr 2021 | 4:36 PM

Chennai, Apr10(UNI) Following is the bullion markets
closing rate here today.

see more..

BUSINESS KERALA COIR

10 Apr 2021 | 2:56 PM

Kozhikode, Apr 10 (UNI) Following were the rates in the Kozhikode Coir market today per quintal,
Coir Koyilandi No 1 Rs 9, 100
No 2 Rs 8, 300
Beypore No 1 Rs 6, 500
NO 2 Rs 6, 000.

see more..

BUSINESS KERALA OIL

10 Apr 2021 | 2:53 PM

Kozhikode, Apr 10 (UNI) Following were the rates in the Kozhikode Oil market today per quintal,
Copra Office Rs 13,300,
Dilpas Rs 13,400,
Rajapur Rs 17,100,
Bolls Rs 15,500,
Coconut oil Rs 20,900.

see more..

BUSIINESS KERALA SPICES

10 Apr 2021 | 2:50 PM

Kozhikode, Apr 10 (UNI) Following were the rates in the Kozhikode Spices market today per quintal,
Pepper Nadan, Rs 36,000,
Chettan Rs 37,800,
Wynadan Rs 39,000,
Ginger (new) Rs 16,000
Cardamom Green (New) Rs 3,650.

see more..

BUSINESS KERALA RUBBER

10 Apr 2021 | 2:46 PM

Kozhikode, Apr 10 (UNI) Following was the rate in the Kozhikode Rubber market today,
RMA LOT (RSS 4) Rs 16,600
(RSS 5) Rs 15,000.

see more..
image