This article is written by Vikas Singhania – Executive Director TradeSmartOnline which was published in Tribune India.
Since November 8, 2016 when Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 notes, the country has seen a significant improvement in embracing digital payments over cash. To sustain the momentum and encourage it further, Finance Minister Arun Jaitley announced a series of incentives that marked completion of a month of demonetisation. The incentives range from discounts at fuel stations, booking railway tickets online, insurance policies purchased and payments made at toll plazas.
Will online trading would boost by the cashless trading system?
Below are the key points extracted from article
The massive push to cashless and online transactions in India means retail investors in stock market will now increasingly turn to their mobile-based trading apps for its convenience, efficiency and security. We have already seen the launch of a series of trading apps by brokerage firms which offer big-data analytics and now artificial intelligence to trade better and faster from the mobile.
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Soon, we will witness the next level of technology development where apps will permit brokerage firms to offer their e-KYC to their customers. With e-KYC, stock brokers can open online trading account for customers. Investors with Aadhaar number and PAN can start trading in five minutes if they have registered their signature electronically.
India has already become the world’s fastest-growing market for mobile-based stock trading since its launch in 2010. On the National Stock Exchange (NSE), the turnover of mobile transactions has increased by 350% in the past year — from Rs 37,900 crore in March 2015 to Rs 1,70,800 crore in November 2016. We believe these figures could double in the next two years. The contribution of mobile trading to total turnover could thus rise from 1.75% now to 3-4%.
Mobile trading is favoured by retail investors whose ticket size of investments is low. Increasingly affordable smartphone devices and cheap internet plans have surely helped push mobile-based trading. All you need is a smartphone and a trading account with a stock broker.
To know more please read the original article here.
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