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The Indian digital wallet company Paytm, a wholly-owned subsidiary of One97 Communication, launched its new own app, Paytm Money, to offer the mutual fund direct plans. In order to offer direct plans of mutual funds, Paytm has partnered with 25 asset management companies. Paytm has set a target to sell the mutual fund to around 25 million people in the next three to five years.
Pravin Jadhav, whole-time director at Paytm Money said, “About 50 million investors will be invested in mutual funds by the next three to five years. In that 50 million, we want to have a majority share, so around 20-25 million people.”
Paytm claims that more than 8,60,000 users have already registered on its newly launched platform. Out of these registered users, 65 per cent of the people are from beyond the top 15 cities of the country, said Jadhav.
Some of the noteworthy offerings of Paytm Money are as follow: Paytm Money offers investments in direct plans of mutual fund schemes with no hidden commissions. Open investment account at zero fees. No hidden fees or commissions. Invest only in direct plans of mutual fund schemes.
Before actually purchasing the investment plans, Investors must complete Know Your Customer (KYC) formalities and create their risk profiles, which is stored in the app. These will be displayed every time the investor checks out a scheme.
