PhonePe, a digital payment platform launched its stockbroking platform, an app called share.market on Wednesday. India’s PhonePe is getting into stock trading and mutual fund investment, the latest series of expansion by a Walmart-backed payments app as it looks to leverage its 450 million-plus user base to win in new categories.
Sameer Nigam, the CEO and Co-Founder of the company said the announcement is a significant milestone for PhonePe, marking the completion of offerings in its financial services bouquet according to a source.
“Earlier this year, the company had introduced innovative solutions such as PinCode, but this new offering is our biggest launch of the year,” Sameer Nigam said.
With Share.market, PhonePe is entering a crowded market that is attempting to serve an audience of about 10 million to 15 million, according to most estimates. Stockbroking is the latest offering from PhonePe, which also recently expanded to e-commerce with an app called Pincode.
PhonePe’s objective is to get into the growing interest in stock trading and investing among its user base with this latest addition. In 2021, PhonePe began the process of entering India’s competitive stockbroking business and was awaiting a license from the Securities and Exchange Board of India (SEBI) for the same.
The stockbroking app is composed to empower users with seamless access to stock market insights, trading capabilities, and investment opportunities.
PhonePe other new services and products
PhonePe announced the launch of Account Aggregator services in June through its wholly-owned subsidiary, PhonePe Technology Services Pvt. Ltd.(PTSPL).
In June, it launched its online payment gateway to serve Micro, Small, And Medium Enterprises (MSME) merchants all over the country. It also launched its merchant landing platform, which allows banks and NBFCs to provide access to credit in a completely digital and seamless manner to PhonePe’s vast base of over 35 million merchants.
PhonePe launched its Point-of-Sale (POS) device in July, which allows merchants to accept payments via debit cards, credit cards, and UPI. This move makes PhonePe a complete offline payment service provider.