About Paytm Money
Paytm Money – the well-known subsidiary of One97 Communications Limited recently announced the launch of their mutual fund investments app on Tuesday. The app has been launched with an aim of increasing the number of mutual fund investors in India. The app targets to enhance the mutual fund investor database to 50 million within the span of the next 5 years.
One of the officials from the company also highlighted the fact that the app will entirely focus on developing the various products and services regarding investments and wealth management. The founder and CEO of Paytm said, “With Paytm Money we want to democratize and bring Mutual Fund investments to millions of Indians. We are committed to take the Mutual Fund investor base in India to 50 million in the next 5 years and expect Paytm Money to be the catalyst in bringing new incremental investors to this industry.”
Paytm Money app has been made available on both Google’s and Apple’s app store from the 4th of September 2018. The whole-time director of Paytm, Pravin Jadhav also stated,
“About 50 million investors will be invested in mutual funds by the next three to five years. Of that 50 million, we want to have a majority share, so around 20-25 million people.”
Highlighting the aim of the app along with his vision, Pravin Jadhav also added, “We are possibly the only company in investment and wealth management domain that has built the entire technology platform from grounds up. This gives us the capabilities to post transactions in real-time to all AMCs, get faster updates to mutual fund scheme NAVs, show the most updated portfolio value, generate real-time portfolio insights, monitored by real-time reconciliation systems and much more. Our platform is built to handle over a million mutual fund investments per day.”
Paytm Money Partnered with CRISIL for Mutal Fund Investments
Paytm Money has tied his association with many well-known rating services like CRISIL, MorningStar, etc. for their decision-making process regarding the various investments. This service will be completely free for the users. The company is all planned to provide the access to nearly 2500+ users in the initial week. The range of access will be increased to a number of 10,000+ users on the daily basis in the next coming weeks.
The app has claimed to witness huge appreciation and interest from the user with over 850,000 registrations prior to the launch. The company has opted for an app-only approach for now as 96% of the registrations have been made only by using the mobile devices.
The app is one great move by the company that will certainly help the company to enhance their database of customers along with heavy investments in the mutual funds. What do you think about the whole matter? Comment below your thoughts and opinions.