Indian Payments App PhonePe Enters Stock Broking Industry
Indian payments app PhonePe has entered the stock broking industry with the launch of Share.Market.
This new venture is operated under its subsidiary, PhonePe Wealth Broking Pvt. Ltd., the company said in a Wednesday (Aug. 30) press release. The platform is available as a mobile app and a dedicated web platform, both of which can be accessed by customers using their PhonePe-linked mobile numbers.
Share.Market aims to revolutionize discount broking by providing market intelligence, a scalable technology platform, and an exceptional customer experience for both investors and traders, according to the press release.
There has been an explosive growth of retail investors in India, driven by easy onboarding, faster settlement times and regulatory interventions safeguarding customer funds, the release said.
Share.Market seeks to capitalize on this trend by offering quantitative research along with execution, a proven technology platform and competitive discount broking prices, per the release.
One of the key advantages of Share.Market is its wide spectrum of investment products that allows investors to build a well-rounded and balanced portfolio, according to the press release. The platform offers stocks for both intraday and delivery trading, mutual funds, exchange-traded funds (ETFs) and WealthBaskets, which are curated collections of stocks and investment products aligned with specific themes, sectors or market trends.
Investors and traders using Share.Market will have access to real-time, value-rich insights and intelligence embedded into products and DIY tools, the release said. The platform also features a dedicated Markets section where users can track the stock market, indices, stocks and sectors through a Watchlist tracker.
Ujjwal Jain, CEO of Share.Market, said in the release that the company has a vision of driving financial inclusion at a population scale. Jain highlighted the increase in savings going into equities in recent years and the vibrant growth in the active trading community.
PhonePe’s owner, Walmart, has said that the payments provider could become a $100 billion business. Speaking of both PhonePe and Walmart-owned eCommerce platform Flipkart, Walmart Chief Financial Officer John David Rainey said at an investors conference in June: “It is not crazy to think that both those businesses could be $100 billion businesses in the future.”
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