The Bengaluru-based mobile-first bank, Paytm Payments Bank, has now enabled its 42 million users to invest in mutual funds directly, through Paytm. The users will be able to make their Paytm Payments Bank account their primary account on Paytm Money to begin investing in mutual funds.
When a user wants to start making investments, he/she will have to verify the online bank account electronically. Post verification, the users will have to enter the credentials which include the mobile number and password. After this, the payment will have to be validated with a 4-digit passcode which has to be done each time a mutual fund investment or redemption is made.
Paytm Money currently functions with 250 members and has tied up with 35 asset management companies. Paytm Money was launched a year back and claims to be the biggest platform for direct mutual fund investments with more than 1 million existing customers.
The company said that users will be able to track mutual fund investment performances through a subsidiary application. Also, users who have opted for SIPs can choose to auto-pay the amount on the designated date from Paytm Money.
Source: Financial Express