Paytm Money Has 5 Lakh Mutual Fund Buyers Before Launch; Rs 100 Cr Cashback Announced!

Paytm Money, which is gearing for its grand launch in few weeks, is already is a huge hit. As per a senior official from Paytm, they have right now more than 5 lakh users signed-up for buying mutual funds.

Does this mean that Paytm Money will unleash a new revolution in the fintech industry?

Meanwhile after Flipkart & Amazon, Paytm too has announced the launch of their Independence Day sale.

Paytm Money: 5 Lakh Users Sign Up!

In an interview, Pravin Jadhav, whole-time director, Paytm Money, has revealed that Paytm Money has been able to attract 5 lakh users for buying and selling mutual funds.

This is a significant news, because Paytm Money hasn’t even launched yet.

As per Pravin, Paytm employees have been given access to Paytm Money for testing the features, and they are making real-time transactions for mutual funds right now.

He said, “People with early registrations are just invited to register; they will be able to transact once we launch,”

Mutual Funds Will Be Cheaper On Paytm Money?

Paytm Money is a mutual fund app, using which investors can buy mutual funds, on the go.

As per Paytm, buying Mutual funds on Paytm Money will be cheaper, as there won’t be any distributor commission attached.

Paytm Money will sell only direct plans, and this makes them cheaper. There are two types of mutual funds: distributor plan and direct plan. Distributor plan has a commission from distributor attached, whereas Direct Plan has no such additional expenses.

As per reports, more than 15 fund houses have decided to partner with Paytm Money, but their details aren’t available yet.

Paytm has told that the allocation of mutual funds would be based on first-come-first-serve basis.

We had earlier reported that Paytm Money can trigger a disruption in the mutual funds market in India.

More details are awaited.

Paytm Independence Day Sale Announced

Meanwhile following the footsteps of Flipkart and Amazon, Paytm too has announced a mega Independence Day sale, with assured cashback of Rs 100 crore.

Paytm’s ‘Freedom Cashback Sale’ will start from August 8th, and end on August 15th.

Paytm Mall will offer cashbacks upto Rs 20,000 on laptops, cashbacks of Rs 10,000 on mobiles and more.

This time, the sale bonanza will run under categories such as Midnight super offers, flash sale, bazaar, Rs 99 store and Re 1 deals.

Stay tuned, as we will soon share the top deals and offers under Paytm’s mega sale.

Which online sale will you opt for: Amazon, Paytm or Flipkart? Do let us know by commenting right here!