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Paytm Applies for Licence to Start Money Market Mutual Fund
June 28, 2017
In a bid to expand its range of financial offerings and increase revenue, Paytm has applied for a licence to the Reserve Bank of India to set up a money market mutual fund.
These funds that are mainly used for investing in short-term securities will allow the digital wallet company turned financial institution to garner more customers and increase profits.
Currently backed by Softbank and Alibaba, Paytm plans to reach 500 million customers mark by the end of 2020. Today, it offers typical payment bank services and special services such as “Digital Gold” that allows the customers to buy and sell gold online.
