PhonePe, the Indian digital payments and financial services firm, has announced its foray into the stock broking industry with the launch of Share(dot)Market. This new platform falls under the subsidiary PhonePe Wealth Broking Pvt. Ltd.
Share(dot)Market aims to redefine discount broking by providing a range of services, including market intelligence, quantitative research-based WealthBaskets, a robust technology platform, and an enhanced customer experience.
The platform is accessible on both mobile and web, enabling retail investors to purchase stocks, conduct intraday trades, and invest in mutual funds and WealthBaskets.
PhonePe attributes the surge in retail investment in stock markets to recent initiatives by the Securities and Exchange Board of India (SEBI), such as simplified onboarding through Aadhaar/Video KYC and faster settlement times. The company aims to take advantage of this momentum by offering a seamless, data-driven investing experience.
Ujjwal Jain, CEO of Share(dot)Market, stated, “We are delighted to launch Share(dot)Market, which aligns with our vision of driving financial inclusion at a population scale.” He also highlighted the recent increase in the percentage of savings invested in equities, anticipating that Share(dot)Market will further boost this growth.
The platform offers various investment products, including stocks (intraday and delivery), mutual funds, exchange-traded funds (ETFs), and WealthBaskets. These WealthBaskets are carefully curated collections of stocks and investment products focused on specific themes or sectors, providing investors with a convenient and cost-effective way to build active equity portfolios.
Sujit Modi, Chief Investment Officer of Share(dot)Market, added that the platform aims to attract new demographics into stock trading. “With our user-friendly interface, we aim to reshape the way investors and traders engage with the stock market,” he said.
Since its establishment in December 2015, PhonePe has become India’s largest payments app, boasting 480 million registered users and digitizing 36 million offline merchants. It also leads in the Bharat Bill Pay System (BBPS), processing over 45% of transactions on the platform.
Having ventured into financial services in 2017, PhonePe has introduced various mutual funds and insurance products. With the introduction of Share(dot)Market, PhonePe aims to expand its financial services portfolio while enabling millions of Indians to build wealth in a secure and informed manner.
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