Paytm Money launches for public use

By

Isabelle Crossley

Published
Sep 4, 2018

The Indian digital payments business Paytm has launched Paytm Money for public use. The service allows users to buy and sell mutual funds and manage their portfolio from a mobile phone.

From September 4, investors can download Paytm’s new app, Paytm Money. The App is the business’ venture into mutual fund investments and it expects the number of mutual fund investors in India to more than double by 2023 from the current total of 20 million to around 50 million. Paytm aims to get about half of these investors using its app to tap into this rising market.

The app has been launched in partnership with 25 asset management companies and aims to make mutual fund investments more accessible to the general public to both help the market to grow and to reap the benefits of it. The first users welcomed to the app will be those who registered for early access followed by other applicants.

“Our aim is to double the existing mutual fund market in terms of the number of investors,” Paytm Money’s director Pravin Jadhav told ET Bureau. “Once it reaches 50 million by 2025 from around 20 million presently, we want to take 50% market share of that.”

Every day 2,500 users will be given access to the app for the first few weeks and then this will be scaled up to 10,000 after several weeks. Paytm has opted for a restricted release to allow it to get feedback from users before proceeding.