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NEW DELHI: Paytm Money, an investing app launched less than a fortnight ago, received lukewarm reviews from Android phone users who gave it a 2.9 out of 5 rating though over 9.6 lakh users have made requests to register on the platform, data in the public domain show.
Paytm parent One97 Communications has made a $10-million investment in the mobile-based mutual fund investment platform which was formally launched on September 3.
A spokesperson for Paytm Money termed users’ interest in the app “unprecedented” in an emailed response to ET’s queries.
“The app is very well appreciated and has received overwhelmingly positive response for its well thought out product investing experience that has exceeded user’s expectations,” the spokesperson said.
The app offers users options to invest in mutual funds of over 25 asset management companies without paying any commissions or advisory fees.
Users can complete knowyour-customer (KYC) processs on the app itself without any physical documentation.
Mobile-based financial services platforms are becoming increasingly popular.
Times Internet-backed ETMoney, arguably the largest app-based seller of financial products, was launched two years ago and has already clocked more than Rupees 500 crore of mutual fund sales.
The app offers users the ability to invest in over 1,000 mutual funds without paying any commissions.
It has tied up with Reliance Mutual Fund to offer liquid fund schemes.
ETMoney also has tie-ups with RBL Bank to offer users small-ticket loans that can be used to cover expenses in medical emergencies or bridge month-end shortfalls of cash.
The app has over 40 lakh users and was rated 4.5/5 by Android users, data in the public domain show.
Times Internet is part of the Times Group that publishes this newspaper.
