Stock Brokerage Services to be launched by PayTM
Stock Brokerage Services to be launched by PayTM
After getting involved in the sectors of banking, e-commerce and insurance, the fintech unicorn PayTM will all be involved in stock broking services in the few coming weeks.
Mr. Vijay Shekhar Sharma, the founder of PayTM, has said on Thursday (July 23) while speaking at the ongoing Global Fintech Fest virtually, “Payments is the largest revenue for us and a couple of million-dollar revenues comes from that standalone, and then we are industry number two in terms of ticketing and events business and distant number three in e-commerce.”
“We then started to build our financial services stack with banking and we hope to do lending. We are good in mutual funds and we hope to do stock brokerage which is expected to launch in the next 2-3 weeks,” he further added.
PayTM was approved by the Securities and Exchange Commission of India (SEBI), the market regulator, for stock brokerage services in the month of January this year. Moreover, the stock brokerage services will come under PayTM Wealth feature.
Mr. Sharma has also said that obtaining funds to expand its loan business in the long term was the major reason for the acquisition of insurance company Raheja QBE earlier this month. According to his statement, if they are to become a big company in 15 years, then they should be an incredible insurance company. The maximum amounts are held with the insurance company. In India, Life Insurance Corporation (LIC) can act like a rescue machine as long as there is capital demand or globally, Berkshire Hathaway to AIA have a large amount of funds available for deployment.
PayTM and Mr. Sharma acquired Raheja QBE General Insurance for nearly Rs 568 crore earlier this month. COVID-19 has also brought greater transaction volume to the company. He added, “Now, the average transaction volume of PayTM active users has increased by 2.5 to 3.5 times and they make an average of two transactions on the platform a week.”
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PayTM is One97’s flagship brand, one of India’s greatest digital goods and mobile commerce platforms, driven by its commitment to outstanding consumer experience. PayTM is also the highest payment solution provider provided to e-commerce merchants using semi-closed wallets approved by RBI. One97 provides various services, such as mobile content and business services, to millions of mobile consumers through India’s most widely deployed telecommunications application cloud platform.
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