Paytm Gold partners with jewellery brands across India
Paytm has partnered with a number of jewellery brands to allow Paytm Gold to be exchanged for jewellery at their stores, the business announced on Wednesday. The initiative is part of Paytm Mall’s expansion strategy.
Digital gold service Paytm Gold has tied up with Malabar Gold & Diamonds, PC Jeweller, Kalyan Jewellers, Senco Gold & Diamonds, and Caratlane and customers can now redeem their Paytm Gold in the brand’s stores and receive jewellery, ET Bureau reported. The initiative has launched in over 100 branded jewellery stores across India with a 5% goldback inaugural offer.
Paytm plans to add another 250 stores to the initiative in the coming 20 days. The business hopes that the initiative will enable its Paytm Gold service to grow threefold during the current festive season.
Paytm Gold currently has a 70% share of the Indian digital gold market. The service includes “Gold Gifting”, “Gold Savings Plan”, and “insured lockers” for customers. The majority of Paytm Gold’s customers are from Tier 2 and 3 locations.
“We are overwhelmed with the growth we have witnessed in the last two years,” said Paytm’s vice president Narendra Yadav, as reported by ET Bureau. “Our partnership with leading jewellers is an important landmark as our customers can now conveniently redeem their gold savings at nearby jewellery stores. Going forward, we will continue expanding our partnerships and offerings to make savings in Paytm Gold a habit.”
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