Paytm owned by One97 Communications launched its much-awaited Paytm Mutual Funds app, Paytm Money. Aimed at selling mutual funds and financial products, Paytm Money will offer SIPs starting at as low as Rs 100.
The company plans to double
the number of mutual fund investors in the country by 2023 to over 50 million. Currently, India has around 20 million active mutual funds investors.
the number of mutual fund investors in the country by 2023 to over 50 million. Currently, India has around 20 million active mutual funds investors.
Paytm Money Ltd, a wholly-owned subsidiary of Paytm has already partnered with 25 asset management companies (AMCs) to sell direct plans of mutual funds via its Paytm Money app.
Paytm Money :-
Paytm Money is basically a mutual funds app via which one can buy and sell mutual funds. The Paytm Mutual Funds app will enable customers to buy and sell mutual funds directly via the Paytm Money app and manage the investment portfolios from your device.
Paytm Money is live now, and you can download the app directly from your app store. Investors can download the app and can start investing on the Paytm Mutual Funds app from today only.
How To Buy Mutual Fund On Paytm Money App?
To start with, interested investors need to complete their Know Your Customer (KYC) formalities first. Once you are done with the KYC, now you have to create your risk profile on the app, which remains pre-stored in the app. Your risk profile will be there every time you check any scheme, before actually buying it.
Once you finalize which mutual fund you want to buy, you can buy it as a Lump Sum or via a SIP scheme.
10 Things You Need To Know About Paytm Mutual Funds App | Paytm Money
With Paytm Money, its parent company Paytm aims to democratise mutual fund investments across the country by making investing easy and hassle-free.
- Paytm Money is currently offering schemes and direct plans from the 25 largest mutual fund houses which covers around 90 percent of the 22 trillion worth of assets of the mutual funds industry under management.
- Paytm Money already has over 8.5 lakh registered users on its platform. This includes 65 percent of the users from beyond the top 15 cities of the country.
- The parent firm, One97 Communications has committed to invest $10 million in Paytm Money by the end March 2020 to improve technology, development of products, UI and more.
- The Paytm Mutual Funds app will only sell direct plans of all the mutual fund available as direct schemes come with lower expense and does not have a distributor commission.
- Paytm Money Ltd. is a Registered Investment Adviser (RIA) with Securities and Exchange Board of India (SEBI), the capital market regulator of the country.
- For now, Paytm Money will not charge anything if you buy any mutual fund on its app. Though RIAs are entitled to charge a fees from its investors, Paytm Money may in future monetize its services.
- Soon Paytm Money will launch a feature called ‘investment packs’ to recommend a group of mutual funds, depending on your risk profile.
- Initially only 2,500 users a day will get access to buy mutual funds which will later increase to more than 10,000 users daily in a few weeks.
- The company is working on an AI-based technology that will act as an investment advisory to execute risk profiling and provide relevant information to users before they make any investment decision on Paytm Money app.
- Apart from mutual funds, Paytm Money plans to sell different form of investments in via multiple wealth management products and services.
