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Just a day before Akshaya Tritiya, Paytm today launched wealth management services, under which its customers can buy or sell gold digitally with their e-wallet for as low as Re 1.
The company has partnered with MMTC-PAMP for the same and claims to have sold 10 kg of gold under the pilot. It also offers a real-time international pricing mechanism.
Under the Digital Gold service, customers can buy or sell gold and store them digitally in MMTC-PAMP’s secure vaults. Users can store the gold for up to a period of five years and no additional storage fee will be charged for the same.
Customers can also the gold delivered at their doorsteps in the form of coins or sell it back online instantly.
Speaking on the launch, Paytm’s Vijay Shekhar Sharma said, “Gold is the preferred form of investment for Indians, and we are making it easier for our users to invest in gold digitally. With this product, our customers can buy and sell international quality gold at market-linked prices instantly.”
“The goal is to offer complete flexibility in deciding the amount they want to invest and enable consumers to develop a habit of saving regularly in digital gold for long-term wealth creation. We are confident that this solution will help millions of Indians to buy and sell 24K 999.9 pure gold with utmost confidence and security,” he added.
Indians currently hold more than 24,000 tonnes of gold worth USD 900 billion as per World Gold Council estimates.
Mehdi Barkhordar, Chairman at MMTC-PAMP India said, “As India's first and only internationally accredited gold and silver refinery, we are proud to be placing India in its deserved leadership position in the global bullion market. Our partnership with Paytm provides every Indian access to high quality, 24k 999.9 pure gold in a convenient and transparent manner.”
Paytm claims that its move will democratise access to gold and it will make investing in gold more affordable.
Customers can buy, sell gold either by denomination (starting Re 1) or by weight (starting 0.1 gram). They can choose to pay via multiple payment modes such as Paytm wallet, debit/credit cards, net banking and others.
How it works
# You need to be a registered Paytm user with a valid Paytm Log in ID and password
# Using your Paytm login, you can access the ‘Gold powered by MMTC-PAMP’ plan
# Enter your name and delivery pin code
# You will need to submit your name, registered mobile number and pin code at the time of initiating your accumulation of Gold. In case your cumulative transaction value crosses Rs 50,000, you will be required to adhere to the prevailing KYC norms
# You can make an offer to buy gold at the rate displayed on the platform in either rupees or gram
# Live rate of Gold means the Gold rate in Indian rupees per gram of 9999 fine Gold, as posted from time to time, inclusive of duty, exclusive of taxes, product manufacturing/making charges, delivery charges etc.
# The live price, at which you choose to buy Gold, will be valid for 6 minutes from the time of you clicking on the option to buy. In case you fail to complete the transaction by making the payment, you will be redirected to the new live price, at which point you can restart the transaction to make a fresh offer to buy
# In case a single transaction value crosses Rs 2 lakh, you will be required to submit your Pan Card details
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