On Wednesday, Paytm Money, a full-fledged subsidiary of financial technology major Paytm has stated that it will supply Futures & Options Trading (F&O) on its platform, as its purpose is to facilitate the day-to-day turnover of Rs.1.5 lakh crore for the next 18-24 months.
Paytm founder and CEO Vijay Shekhar Sharma said during the online launch of the Futures and Options Trading that the platform that also offers services around equities, direct mutual funds, ETFs, IPOs, NPS, and digital gold – is focused on providing “wealth services to 100 million Indians. He also said by adding that this product has been made with the mobile-first experience in mind and we believe the presentation of simple, low-cost products can help make deep breakthroughs in small towns and cities.
Meanwhile, the Paytm Money will be invoice at Rs.10 brokerage for all F&O transactions, which is consistent with its Rs.10 intraday charges and complimentary for delivery.
However, the Future & Options represents the ‘Derivatives’ of the Stock Exchange and these Derivatives are financial instruments deriving their value from an underlying asset such as the currency, gold or shares of a company.
Paytm Money is one more step closer in becoming India’s most complete and one digital wealth management manifesto. In addition to, nearly 50 percent of mutual fund and equity investors on the Paytm Money platform are new to the market and over 60 percent come from Tier II and III cities.
Lastly, the Paytm money will allow quick access to 500 users, and the public launch is expected in the next couple of weeks. Over 60 million people are investing in digital gold through Paytm and Paytm Money.