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Paytm to launch stockbroking business in 2-3 weeks

Vijay Shekhar Sharma, Paytm

Paytm will launch its stockbroking business in the next two to three weeks, Paytm founder and CEO Vijay Shekhar Sharma announced on Thursday at the Global Fintech Fest. In the brokerage, users “will bring and keep some margin money and control money”. In financial services, Paytm already offers insurance and mutual funds through Paytm Payments Bank, and “hopes to do lending” in future; Paytm Payments Bank is not allowed to lend right now. Since it is a payments bank, there are certain limitations which is why it offers fixed deposit through a partner bank, he said. The Paytm Bank has more than 55 million accounts, as per Sharma, of which 40 million are monthly active accounts. The payments business is the largest source of revenue for Paytm. “A couple of hundred million dollars of revenue comes standalone from payments,” Sharma…

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