Eyes daily turnover of ₹1.5 lakh cr., 1 mn trades in 18-24 months

Eyes daily turnover of ₹1.5 lakh cr., 1 mn trades in 18-24 months

Online investment platform Paytm Money on Wednesday unveiled futures and options (F&O) trading on its platform with an aim to reach a daily turnover of ₹1.5 lakh crore and one million trades in the next 18-24 months.

The platform, which is a wholly owned subsidiary of Paytm, currently offers wealth management services. For F&O trading, the company said it would charge a competitive brokerage of ₹10 for all trades.

“Our pricing of ₹10 flat per order without any contracts/commitments/conditions brings the overall cost of trading significantly lower and makes it super transparent,” Varun Sridhar, CEO, Paytm Money said.

“With this, Paytm Money is taking one step further to become India’s most comprehensive and number 1 digital wealth management platform,” Mr. Sridhar added.

Paytm Money currently has more than seven million users, he said, adding that almost 50% of mutual funds and stocks investors on the platform were new to the market and more than 60% were from tier II, tier III cities. Initially, the company will give early access to a select user base on Android and Web to receive their feedback and roll out commercially to all traders and iOS users over the next few weeks.