Paytm is coming up with a separate platform for mutual funds investment this month, called Paytm Money. Paytm has launched this app for its mutual fund investments and distributions platform. It intends to make users life simple. As they can make investments in direct plans of mutual funds without any commission involved.
Paytm Money is aiming to add 25 million users in the retail investment segment in the next six years. As the company’s payments platform already has 90 million transaction users. The Paytm Money remains unconnected with it. The Director of Paytm Money Pravin Jadhav, said: “At this point, even with the industry (MFs) being around 20 million investors. The final agenda we have is that this industry should grow to about 50 million investors by 2025, and we want Paytm Money to have half of that share.”
The company before even the launch of Paytm Money app started sending out the emails for early access to its digital payments platform users. This is what helped the company to gain around 850,000 registrations prior to the launch. Thus, the company decided to provide access to its service to 2,500 users a day. And will soon increase to 10,000 in coming days. The company won’t be charging any fee from users for transactions to accomplish its target of individually contributing for doubling the MF investor base in the country.
Features of Paytm Money:
If you want to create an account on Paytm Money, you can set it up without any charges or opening fees. It is free to access for everybody. Also, it can get you access to all mutual funds scheme from the top 25+ Asset Management Company in India. Paytm Money also teamed up with leading rating services. This will help users in making a decision related to mutual funds. They are partners with, MorningStar, CRISIL and Value Research. It will help the users to get a vision into the mutual fund performance, riskometer. They will also get more information to choose new funds without any doubt.
The most interesting thing about Paytm Money is, it will allow users to invest in some schemes with as little as Rs 100. You can direct an unlimited number of investments and withdrawals without getting worried about the transaction fees.