India's homegrown digital financial services platform Paytm today announced that its wholly-owned subsidiary Paytm Money now provides Futures & Options trading (F&O) on its platform, along with its other offerings - Stocks, Direct Mutual Funds, ETF, IPO, NPS, and Digital Gold.
The platform has launched this service with the most competitive brokerage at Rs. 10 for all F&O trades and the low pricing is without any commitments or packages or contracts. This is in line with its intraday charges of Rs.10, and free for delivery. The pricing disruption will benefit experienced as well as first-time traders to seamlessly trade in futures & options with a best in class product, on their mobile and in a secure environment.
Initially, the company is giving early access to a select user base on Android and Web to receive their feedback. Commercial roll out to all traders & iOS launch will be over the next few weeks. With the launch of F&O on its platform, Paytm Money is aiming at an overall daily turnover of Rs 1.5 lakh crore and 1 million trades a day in the next 18 to 24 months.
Paytm Money has ensured that while it provides for all the features required for a derivative trader, it does not complicate the user interface for a simple investor or a newbie trader which is unique in the industry.
While Paytm Money provides for various calculators, traders can seamlessly check the required margin while placing an order for any contract. The product is hosted entirely on cloud and developed with Paytm's well-known technology principles will ensure the platform is smooth, fast and can manage very large volumes.
Vijay Shekhar Sharma, Founder & CEO said, "On the mission to bring wealth services to 100 million Indians, the launch of F&O will accelerate our path. This has been made keeping the mobile-first platform in mind. The simple to use low price product is meant to make deep inroads into smaller towns and cities."
Varun Sridhar, CEO - Paytm Money said, " Our pricing of 10 INR flat per order without any contracts/commitments/conditions brings the overall cost of trading significantly lower and makes it super transparent. We are eagerly looking forward to bring thousands of new traders to the markets. With this, Paytm Money is taking one step further to become India’s most comprehensive & #1 digital wealth management platform."
With more than 7 million users, Paytm Money has reached 98% of pin codes in India. Given the limited penetration of stock investments in the country, the company sees a high growth trajectory for its stocks broking offering, similar to its Mutual Fund offerings.