Digital investment platform Paytm Money is planning to begin stock broking service, sale of National pension schemes, exchange traded funds (ETFs) and other financial instruments during the current financial year, a top company official said on Monday.
“We will be starting stock broking service, ETF, depository account for shares, national pension schemes during this financial year,” Pravin Jadhav, whole-time director at Paytm Money, told PTI.
Paytm Money already sells mutual fund on its platform and claims to have clocked 40 per cent share in the direct mutual fund segment in the country.
“More than 75 per cent of users on our platform are SIP (Systematic Investment Plan) investors. Our leadership in the largest active SIP book is a result of the trust that our investors have in a safe and secure platform like Paytm Money. As our SIP registrations continue to grow every month, we expect to cross 1 million active SIPs soon,” Jadhav said.
He said Paytm Money received approval to start sale of National Pension Scheme from the Pension Fund Regulatory and Development Authority in May, and the Securities and Exchange Board of India in April allowed the platform to start stock broking service.
Paytm is also expanding its education services by partnering with thousands of private and public institutions to offer full bouquet of services across payments, commerce, financial and academic services, a release said Tuesday.
Paytm already offers fee payment services to over 10,000 educational institutions across the country and in FY20, it plans to cross Rs 20,000 crore GMV in the education business, alone the company said.
Apart from this, Paytm and Chinese internet firm Tencent may invest up to USD 125 million (nearly Rs 860 crore) in Times Internet’s online video streaming platform MX Player this month against purchase of equity.
MX Player has seen over 500 million downloads on Android platform. The platform focuses on exclusive original content with emphasis on Hindi and Indian regional languages.
Also, they joined hands with Citibank to launch a credit card called the Paytm First Card. The Paytm First Card will offer one per cent "universal unlimited cashback" to customers along with no restrictions on earning categories. The cashback will be auto-credited to the card every month.
(With inputs from PTI)