Photo credit: Shutterstock
PhonePe, the Indian payments giant, has launched a platform that offers investments in stocks, mutual funds, exchange-traded funds, and wealthbaskets for retail investors.
Called Share.Market, the service also provides users with performance predictions, portfolio analysis, and “value-rich” market intelligence, among others.
PhonePe, whose payment services have onboarded more than 400 million users in India, said in a statement that it offers a competitive pricing plan for the discount brokerage service. Share.Market charges either 0.05% for each executed order or a flat fee of 20 rupees (US$0.24), whichever is lower.
PhonePe users can install the Share.Market app or access the web platform by using their PhonePe-linked mobile numbers.
Other notable tech companies that offer stock-broking services in India are Zerodha, Groww, and Upstox.
With its ongoing US$1 billion funding round, PhonePe has already secured US$850 million in investments from firms like General Atlantic and Tiger Global.
“Our goal is to offer the benefits of discount broking while creating lasting value for our customers as they invest and trade,” says Ujjwal Jain, CEO of Share.Market.
Earlier this year, PhonePe launched a shopping app called Pincode, which was built on top of the Indian government’s Open Network for Digital Commerce platform.
Last December, Walmart-backed Flipkart separated from PhonePe in preparation for the latter’s potential IPO. However, PhonePe remains a Walmart subsidiary, with the US retail giant owning a 77% stake in it.
See also: SEA’s major tech stocks compared: Returns crash across the board
Currency converted from Indian rupee to US dollar: US$1 = 82.70 rupees.
Editing by Thu Huong Le and Dhania Putri Sarahtika
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
