Indian mobile-first financial services company Paytm, which earlier has launched a messaging service ‘Inbox’, is all set to venture into wealth management and for this the company is in the final stages of integration with multiple asset management companies (AMCs).
Paytm Plans to Start 12 AMCs
Paytm Money, which will be go live with its separate application on the app store, will start with 12 AMCs and eventually bring in more than 25 after the formal launch. The company has already received initial registrations from interested consumers.
“One hundred percent of initial registrations received are from retail customers and around 90% of them are from mobile phone users, which shows people growing comfort with financial transitions on the mobile phone” said Pravin Jadhav, senior vice-president with Paytm Money.
Paytm to Start with Mutual Funds
According to the initial plan, Paytm is all set to start with mutual funds, which have been riding a huge wave of early adoption across Indian markets, and is also planning to take the product to places where physical distributors are not present.