Published
Aug 23, 2018
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Paytm aims to cross 1.5 tonnes in gold transactions over the festive season

Published
Aug 23, 2018

The parent company of Paytm, One97 Communications, has announced that it expects that Paytm will cross 1.5 tonnes in gold transactions over the upcoming holiday season claiming a 70 percent market share in MMTC-PAMP virtual gold products.

One97 Communications expects that Paytm will cross 1.5 tonnes in gold transactions over the upcoming holiday season - World Gold Council-Facebook


“With [the] launch of new services like gold Gifting and Gold Savings Plan, Paytm Gold is fast-becoming the preferred alternative to long-term savings and a convenient gifting option,” said Paytm’s senior vice president, Nitin Misra in a statement.

“We hope that during Raksha Bandhan and Varalakshmi, Paytm Gold will emerge as a proven alternative to traditional Gold Buying & Gifting yet again.”

Paytm foresees transactions crossing the 1.5-tonne mark, which would be a milestone for the business.

Paytm has reported gold demand in acreas such as West Bengal, Uttar Pradesh, Maharashtra, Delhi, Karnataka, Tamil Nadu, Telangana, and Andhra Pradesh. The business has also reported that Tier 2 and 3 cities have made up 70 percent of total sales, an impressive figure given the lower internet access in these areas.

Paytm is currently running special promotions to promote digital gold sales of MMTC-PAMP on its platform. MMTC-PAMP India Private Limited is a LBMA-accredited gold refinery and claims that is the only refinery with such a qualification in India.

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