Paytm, the mobile payment commerce platform major, is aiming at democratising access to gold through Paytm Gold. The company claims that ever since it was launched in April this year, it is attracting thousands of customers who want to accumulate or purchase gold. The company has also enabled Paytm Gold as cash back. Through this initiative, the company wants to become one of the largest jewelers in the country. The company has already serviced more than 8,000 pin codes in the country and plans to make this service available across the nook and corner of the country. A person can buy gold starting at a minimum of Rs 1.
The company has tied up with MMTC-PAMP, which is a joint venture between PAMP SA Switzerland and MMTC Ltd, a government of India undertaking, to source and store the gold in a high-security fully insured safety vault on the outskirts of Delhi. What is interesting is that in case a person wants delivery of gold, he can get it delivered to his place in a very secure and tamper proof packing from its vault near Delhi. The company has seen traction for Paytm Gold in cities such as Burdwan, Dhanbad, Warangal, Kanchipuram, Delhi, Bengaluru, Hyderabad and Kolkata.
“The gold can be delivered in many forms, besides gold coins. Such as, different shapes of pendants. We are also planning to tie up with some jewellers across the country where the customers can go and get the gold in the form of jewellery. The amount of gold cash back will depend on the kind of purchase you make through Paytm and the amount of gold cash back will differ on purchase to purchase. For instance, it can be a different amount of gold cash back on movie ticket purchases or different on airline ticket purchases etc. There will also be no additional charges on the gold lockers. We have observed healthy repeat business on Paytm Gold. We are now servicing all the pin-codes in the country to make it available across the country and we feel that people from all backgrounds can purchase gold from us,” said Krishna Hegde, senior vice president at Paytm.
Mehdi Barkhordar, chairman at MMTC-PAMP, informs that they are sourcing the gold from the best gold mines from across the globe and customers can buy 24K, 999.9 gold on the Paytm platform.
