PayTm is the largest mobile wallet app used in India. The app was invented and run by One97 Communications launched Paytm Money to give speculation and wealth management products. With a venture of near $10 million, Paytm Money is the fourth product in Vijay Shekhar Sharma drove One97’s portfolio after Paytm Mall, Paytm Payments Bank and Paytm wallet.
The company has opened its early registration from today. Vijay Shekhar Sharma, founder of Paytm tweeted, “Hello India! Here comes @paytmmoney – check out.” Notably, the customers can apply for early registration today, by providing their mobile numbers. Upon inputting the correct one time password, the customers will get a verification note saying, “You have been registered for early access.”
PayTm Money site looks a work in progress, and has a statutory exposure with respect to speculation into shared assets.
“Mutual fund investments are subject to market risks. Please read the offer document carefully before investing,” reads the website note.
PayTm Money Registrations Opened – Inviting Users To Invest
Paytm, which also has an payment bank, could profit through the stores clients keep in their wealth management accounts. Specialists have raised worries over the plan of action of payment banks and how it would be troublesome for these banks to profit as they are not permitted to loan. Cooperative energies between Paytm Money and bank could help take care of that issue for Paytm. Paytm Money will be going by Pravin Jadhav as senior Vice President.
As indicated by reports, Paytm had looked for the endorsement of the Securities and Exchange Board of India to offer a large variety of financial administrations, that incorporate strategically pitching results of Paytm Payments Bank. Paytm is also conversing with driving resource administration organizations to offer Mutual Fund Investments in Direct Mode for clients.
“We ultimately want to be the Charles Schwab of India with a zero-fee brokerage,” Vijay Sharma told in a report earlier.
PayTm Money is presently working with 40-member team. The head office was located in Bengaluru and soon it is planning to expand by adding 150 more people within 12 to 18 months.
“We will launch share trading and insurance products very soon,” Bloomberg had reported Sharma as saying. “We want to become an Internet-age financial services company,” he had added. Paytm Payments Bank is targeting to become the world’s largest digital bank with 500 million bank accounts and aims to turn into an integrated financial services company that offers everything from wealth management to share trading. “We are unveiling our money market fund, launching our debit card and we’ll have the capabilities to allow enterprises to open business accounts,” Paytm founder Vijay Shekhar Sharma said in a phone interview to Bloomberg in November this year.