A digital payment platform called PhonePe announced on Wednesday that Share(dot)Market, a division of PhonePe Wealth Broking, will be entering the stock broking business. According to Sameer Nigam, CEO and Co-Founder of the company, the news represents a critical turning point for PhonePe as it completes its lineup of financial services.
The company had earlier this year launched cutting-edge products like PinCode, but Nigam claimed that this new offering was the greatest launch of the year.
PhonePe claims that Share(dot)Market elevates discount broking by offering market knowledge and a scalable technology platform called WealthBaskets that is based on quantitative research. Retail investors will be able to buy stocks, execute intraday trades, purchase Curated WealthBaskets, and invest in mutual funds using the dedicated web platform and mobile app that will be made accessible.
With this most recent addition, PhonePe hopes to capitalize on its user base’s increased interest in stock trading and investment.
Retail investors’ confidence in the ability of the stock market to increase their wealth has exploded as a result of SEBI initiatives like simple onboarding through Aadhaar/Video KYC, quicker settlement times, and regulatory actions safeguarding consumer cash. The constant increase in demat accounts and mutual fund SIPs is more evidence of this. By offering quantitative analysis in addition to execution, Share(dot)Market will add a new dimension to stock broking, the business claimed.
A broad range of investment products, such as equities (intraday and delivery), mutual funds, exchange-traded funds (ETFs), and wealth baskets, will be offered by Share(dot)Market. WealthBaskets are expertly curated collections of securities and investment products offered by SEBI-registered intermediaries that are in line with particular market trends, industry niches, or industry themes. They make it easy and affordable to establish an active equity portfolio.
The platform will also include a separate market section with a user-friendly watchlist tracker for tracking the stock market, indexes, stocks, and sectors. Users of PhonePe can download the app and access the web platform using their cell numbers that are connected to PhonePe. Once logged in, clients can finish the KYC procedure to activate their demat and broking accounts.
Ujjwal Jain, CEO of Share(dot)Market, commented on the launch by saying, “Our goal is to offer the benefits of discount broking while creating lasting value for customers as they invest and trade.”
According to Share(dot)Market’s Chief Investment Officer (CIO), Sujit Modi, “Share(dot)Market will bring newer demographics into broking, helping people get started on their investing journey with off-the-shelf quant research-led offerings, including WealthBaskets.”
