Young Indians drawn towards equity; Guntur, Patna drive traction: Paytm

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India’s homegrown digital financial services platform Paytm on February 17 announced that its wholly-owned subsidiary Paytm Money has opened Futures & Options (F&O) trading for all. The company said it has received an overwhelming response for F&O trading on its platform with over 1 lakh requests for its early access programme. Trading is now live on the Paytm Money app and website for all.

Paytm said that it has enabled users with the lowest and most competitive brokerage at Rs 10 for F&O, which is in line with its intraday charges of Rs 10, and zero 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.

The company highlighted that during the early access program the company witnessed massive interest coming from tier-III, tier-IV, and the rest of India towns in F&O trade. It has also seen a rise in interest in wealth products in the user base below the age of 30 and women investors.

Varun Sridhar, CEO, Paytm Money said, “We are delighted to share that more than 1 lakh users were granted access during the first few weeks of the F&O early access phase in January after its early access launch. The platform witnessed greater adoption by users from Tier 1 cities such as Mumbai, Delhi, Pune, Hyderabad, and Kolkata. Amongst the smaller cities that showed maximum interest were Patna, Kota, and Guntur.”

He further added that more than 50% of users belonged to the age group of 20-30 years. Our pricing of Rs 10 flat per order without any contracts or commitments brings the overall cost of trading significantly lower and makes it super transparent. With this, Paytm Money is taking one step further to become India’s most comprehensive and top digital wealth management platform.”