India’s digital financial platform Paytm today announced that it’s ‘Paytm Money’ has completed two years of operations. The platform has started wealth services for 66 lakh Indians, with more than 70% of users being first-time investors. The company is rising financial inclusion by enabling technology-driven products & services to democratise wealth for investors of all sizes customers having an opportunity to start their account with Rs 100.
Paytm Money has made deep progress into smaller cities and towns with 60% of investors experiencing wealth services for the first time. It has made the whole process of investing intact while exchanging the way wealth services are understand in the country. In the last financial year, Paytm Money registered over a 100% increase in Monthly New SIP registrations and a 143% increase in Total Monthly Investment volumes. It now clocks total investments of over Rs 20 crores in Mutual Funds volumes. At its peak, it has seen Rs 2 crore per hour in total investments happening on its mutual fund platform. Considering that all mutual funds are direct, investors are having ~1% higher returns than regular mutual funds.
The company said that stockbroking on Paytm Money has become one of the most sought after services as more than 2.5 lakh users have already applied for registration. Its low pricing (cash delivery trades are free with intraday trades as low as Rs.10) and digital KYC with paperless account opening has made it an ideal choice for first-time users who want to dabble in shares and intraday cash traders looking for a stable and easy product. The company said that all its other investment products including NPS as well as recently launched stockbroking have witnessed a rapid expansion of its customer base.