wordpress blog stats
Connect with us

Hi, what are you looking for?

Paytm Money gets SEBI approval, to commence operations soon: Report

Paytm money

Paytm Money, the payments company's wealth management arm, is reportedly set to commence operations in the next six to eight weeks. According to a report on the Economic Times, the company received the approval of the Securities and Exchange Board of India (SEBI) last week, along with a dozen other asset management companies (AMCs). The launch of Paytm Money was announced in January. It was reported that One97 Communications, Paytm's parent company, will invest $10 million upfront in the newly created wealth management arm. The new company will be headed by Pravin Jadhav as senior vice-president. Jadhav, who previously worked with Rediff and social networking site Wishberg, had said that Paytm Money will be an entirely technology-led digital product without any offline presence. Paytm Money plans to integrate 10-12 AMCs on board the platform before commencing operations and will try to add 30-35 more within the next 12 months, Jadhav told ET. The service will be launched as a separate app on various app stores, he added. Jadhav said he wants to build Paytm Money, unlike the parent Paytm app, as an engagement product where customers will come for much more than only transactions, since wealth management is a different business altogether. According to ET, Paytm plans to target an average investment of Rs 1,500-2,000 per user versus the industry average of Rs 30,000-55,000. By targeting lower investments the company wants to reach consumers beyond the top 15 urban locations. To start with, it may offer mutual fund products to…

Please subscribe/login to read the full story.
Written By

Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ