India-headquartered mobile payments company Paytm is preparing a fresh challenge to the country’s traditional financial services sector with investment service Paytm Money.
Since releasing its wallet app in 2013 the company aggressively expanded its portfolio to cover e-commerce and savings products. Its payment app crossed the 100 million download mark in December 2017, rounding out a year in which its owners vowed to spend $500 million on expanding the savings proposition Paytm Payments Bank nationwide.
The launch of Paytm Money requires regulatory approval, which the company expects to secure during the current calendar quarter. The app will allow users to trade investment products and includes wealth management tools.
In a statement announcing the move, Paytm said: “We are fast evolving from being a pioneer in digital payments to becoming a full-stack financial services company, which offers banking, lending, insurance, and payments.”
Paytm CEO and founder Vijay Shekhar Sharma added: “We started as a payments platform and expanded customer offerings to deposits with Paytm Payments Bank. Today, with Paytm Money, we have taken the next logical step in the direction of wealth management.”
“We aim to increase the size of wealth management customer base and bring simple and easy to understand wealth products to our consumers.”