Published
Apr 27, 2017
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Paytm partners with MMTC-PAMP to launch ‘Digital Gold’

Published
Apr 27, 2017

Alibaba-backed Paytm, run by One97 Communications Ltd, has collaborated with precious metals processing facility MMTC-PAMP India, a joint venture between bullion refinery PAMP SA Switzerland and public sector metals firm MMTC Ltd, to launch Digital Gold.


Paytm partners with MMTC-PAMP to launch ‘Digital Gold’ - Paytm



Using their Paytm mobile wallets, consumers can purchase 24K 999.9 purity gold online and store it in MMTC-PAMP’s secure vaults free of charge.

They can also request for their gold to be delivered at their homes in the form of minted coins or sell it back online to MMTC-PAMP.

“Indians have traditionally bought gold at high fixed denominations, and without visibility to market linked prices. Purity, security, and storage charges are some of the challenges they face,” MMTC-PAMP Chairman Mehdi Barkhordar said at a press conference in New Delhi.

 He added that the partnership will ensure that masses can have access to high quality gold and they can also invest in gold in an affordable manner.
 
“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,” said Paytm founder and CEO Vijay Shekhar Sharma.

India is the world’s largest consumer of gold. An estimated 24,000 tonnes worth $900 billion of gold is locked away in homes and bank lockers in India.
 
 
 
 

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