Digital payment gateway PhonePe has entered the stock brokerage landscape by launching the Share.Market app. With the introduction of this separate app, the fintech major will offer a range of investment products such as stocks, mutual funds, and exchange-traded funds (ETFs). The platform was already offering an option to invest in mutual funds through the PhonePe app.
Share.Market will allow users to trade in intra-day and delivery stocks, mutual fund investments, and exchange-traded funds. Additionally, through its quant research products, it will provide bundled intelligence, execution, and ease at scale.
The platform intends to change transaction-led discount broking to value-led discount broking, said the company.
Welcoming @SharedotMarket - our brand new stock broking app and web platform! Seamlessly trade, monitor, and strategize like never before. Explore Now! #ShareDotMarket https://t.co/led7z4yjxm
— PhonePe (@PhonePe) August 30, 2023
Reacting to the latest launch, Sameer Nigam, founder and CEO of PhonePe, said that the start-up had started the mutual fund offerings four years ago. "Now, we are entering the stock broking business under our subsidiary PhonePe Wealth," he added.
PhonePe recently launched lending, insurance, and payment gateway businesses as well. The company acquired two wealthtech platforms, WealthDesk and OpenQ, in 2022 as part of its plans to expand operations beyond financial payment services.
"Our reach and data about users will give us an edge over other players in the stock brokerage market," said Rahul Chari, co-founder and CTO, of PhonePe.
Share.Market will be available through the app and on the web platform. Users can log on to it by using PhonePe-linked mobile numbers. After the KYC processes are done, they can activate their brocking and demat accounts.
Walmart-owned PhonePe is valued at $12 billion with around 48 core registered users. It has access to 3.6 crore offline merchants. As per the information provided by Walmart, it processed nearly 5 billion transactions in a month for the first time during the May-June quarter. The fintech is preparing to list in India.
