The app will offer to invest in direct plans of all categories of mutual funds, including equity and debt schemes.
The homegrown largest mobile-first financial services platform Paytm is mulling over to launch a dedicated app- ‘Paytm Money,’ which will facilitate investments in mutual funds. The new app will be launched in around six weeks.
Pravin Jadhav, Senior Vice President- Paytm Money said, “To begin with, Paytm Money will offer mutual funds from top 10-12 AMCs and will slowly increase the number. The app will begin with mutual funds and will gradually add other investment products.”
The app will offer to invest in direct plans of all categories of mutual funds, including equity and debt schemes. Paytm Money Limited is registered with Sebi as an investment advisor.
Paytm Money will be a free app and will be available for both iOS and android users. Paytm Money has set up its team operations in Bangalore.
Apart from selling mutual funds, the app will also provide portfolio services to investors where they can view complete details of their investment through the app. “It will be a completely transparent system. The app will also help you in tracking and managing your money,” said Jadhav. Our aim is to make investments easier and accessible to all, added Jadhav.
Paytm, registered as One97 Communications Ltd. was founded by Vijay Shekhar Sharma in 2010. It claims to have a registered user base of 300 million with more than 89 million app downloads. It is the leader of QR based mobile payments in India. Paytm launched the first mobile-bank- ‘Paytm Payments Bank’ back in 2017. Paytm claims to be India’s largest mobile commerce platform. It started by offering mobile recharge and utility bill payments. Paytm also has an online shopping app ‘Paytm Mall’ which offers a variety of products.