Paytm Money is a special product for the SoftBank-backed digital payments leader. Of course, it’s a promising app as it simplifies the entire mutual fund buying experience with a few taps on a smartphone.
Launched with a buzz across social media channels, Paytm Money has been witnessing a sharp rise in downloads. Following the surge in demand, the company has extended the eKYC by 4X to 10,000 from 2500 on a daily basis.
Despite euphoria around Paytm Money, the app has received an average response from users as per Google Play statistics. According to the data available on the Google Play Store, it received a 2.9 rating out of 5.
For a context, other mutual fund buying apps including ET Money, Coin by Zerodha and Sqrrl have rated in the range of 4.5.
Several users across Play Store and social media channels have been complaining over time taking KYC process and access limit. Responding to customers queries Paytm CEO Vijay Shekhar Sharma recently revealed that the company is under a large queue of approvals.
With 8.5 lakh pre-registered users, the company claimed that 9.6 lakh additional users have made requests to get registered on the platform.
Soon after its launch Paytm Money has been grabbing eyeballs of tech-savvy retail investors. The mutual fund app already has got several competitors in this space such as Sqrrl, Kuvera, Fincash, Kaleidofin, Scripbox, and ETMoney.
While all of the aforementioned players have been scaling their business at a decent pace, the Times Internet-backed company ETMoney seems to have a pole position.
Within two years of launch, it has crossed 2 crore transactions mark and sold out Rs 500 crore worth mutual fund. Users on Google Play Store have rated the app 4.5 out of 5.
Meanwhile, it’s too early to judge Paytm Money as the app barely completed 10 days. It’s likely to have been facing heavy registration flow that might have irked many to rate it lower on Google Play Store.
Given that the company has already invested over $10 million in Paytm Money and carries a huge userbase, it would be interesting to see how users rate the app in a long haul.