Published
Jul 13, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

Paytm looks to glitter with Gold

Published
Jul 13, 2017

India’s leading digital payments firm Paytm is targeting India’s gold obsessed consumer base with its latest offering Paytm Gold powered by MMTC-PAMP.


Paytm Gold


 With prices of the precious metal rising in India under the GST regime with 3% tax on gold and 5% on job works consumers are turning to digital gold as it gives them a cheaper option to buy gold and Paytm is providing them just that.
 
Paytm Gold is offering gold at a starting price of Re1 and allows storage of the gold purchased online in MMTC-PAMP's free and 100 percent insured, secure lockers. MMTC-PAMP India is a joint venture between PAMP SA Switzerland and MMTC Ltd, a Government of India Undertaking.

It looks like a tactical move by Paytm to give its gold initiative a further boost after the implementation GST just like it did with its digital payments after demonetisation.
The firm is now planning to take Paytm Gold across the country by selling the affordability concept to the lower & middle class Indians.

"Buying gold offline comes with added costs including making charges. Further, the minimum amount tends to be high making gold inaccessible to several income groups. Owing to the affordability and convenience our product offers, several households across income levels are saving in Paytm Gold today. We are expanding our set of serviceable pin-codes to reach a wider set of consumers across India and helping them adopt Paytm Gold to save for their future," said senior vice president - Paytm, Krishna Hegde in a statement.
 
Paytm also gives its customers option to sell back their accumulated gold online instantly to MMTC-PAMP.
 
"Paytm Gold is aimed at genuine financial inclusion, where every Indian, irrespective of the amount of purchase can buy gold of international quality for the first time in a simple and transparent manner. This is one of the landmark steps towards transforming the way the Indian consumer buys gold," said head of strategy and digital transformation at MMTC-PAMP, Arjun Raychaudhuri.

Paytm Gold was launched in April this year.

Copyright © 2024 FashionNetwork.com All rights reserved.