PhonePe forays into stock broking business, launches Share.Market app
PhonePe, a Walmart-backed payment app, has launched Share.Market. The new platform allows users to open trading accounts and invest in mutual funds, stocks, and exchange-traded funds (ETFs). This move is part of PhonePe's strategy to capitalize on its 450+ million user base to expand into new categories, including e-commerce and app store development. The announcement marks a significant milestone for the company, signaling the completion of offerings in its financial services bouquet.
Competing in a crowded stock broking market
The stock broking market that PhonePe is entering is already crowded with major players like Zerodha, Groww, and Dhan. To differentiate itself, PhonePe is planning to rely on its technological prowess, extensive reach, easy onboarding, and superior product experience. This will attract users who want to invest their savings in equities and ultimately drive growth in the active trading community.
How much does Share.Market charge?
PhonePe's new venture Share.Market charges a one-time onboarding fee of Rs. 199 and Rs. 20 or 0.05% brokerage per order (whichever is lower). Users can enjoy zero brokerage up to Rs. 400 or March 31, 2024, whichever is earlier. They can also make use of "dynamic insights," "robust tools," and explore a "diverse range of financial products" before making any investments.
