Published
Oct 18, 2017
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Paytm witnesses 12% surge in gold sales on Dhanteras

Published
Oct 18, 2017

India’s digital payments giant Paytm witnessed a 12% surge in overall gold sales on its platform on the auspicious occasion of Dhanteras celebrated in the country on Tuesday, the company said in a statement.
 

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Paytm also said that it has sold gold worth Rs 120 crore (approx $18.5 million) on its platform within six months of the launch of its gold offering to customers.
 
The company had launched its gold offering at the end of April this year with an aim to sell 5 tonnes of gold valued around $200 million this year. Paytm looks to be well on its way to achieve the set target as it has already crossed the half way mark in mid-October.

India is the world's No 2 consumer of gold behind China, with many saving their money in gold, using it to hedge against inflation and for gifts at special occasions especially during the festive season in October & November.
 
On the occasion of Dhanteras (an auspicious day to buy gold and other metals) Paytm said that more than 60 per cent of Paytm Gold sales were from smaller cities and towns which also helped the firm cross the one million mark in terms of buyers.
 
“Gold gives us an extraordinary opportunity to create a wealth solution that is trusted and used by consumers across every nook and corner of the country,” Paytm senior vice president Nitin Misra said in a statement.
 
Paytm partnered with India’s only internationally accredited refinery MMTC-PAMP to launch Paytm Gold on its platform. Paytm, backed by Japan's SoftBank Group and China's Alibaba, is looking to leverage its e-wallet to let customers buy and sell gold while getting a cut from each transaction.
 

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