On the occasion of Akshaya Tritiya, Indian e-wallet giant, Paytm announced that it has collaborated with MMTC-PAMP to launch Digital Gold, enabling users to buy gold online and store it in MMTC-PAMP’s vault free of charge. This new service will enable users to request their gold to be delivered at their home in the form of minted coins.
Speaking on the launch, Vijay Shekhar Sharma, Founder & CEO – Paytm said, “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. The goal is to offer complete flexibility in deciding the amount they want to invest and enable consumers to develop a habit of saving regularly in digital gold for long-term wealth creation. We are confident that this solution will help millions of Indians to buy and sell 24K 999.9 pure gold with utmost confidence and security.”
As per World Gold Council estimates. Indians currently hold more than 24,000 tons of gold worth $ 900 billion and Indian households bought more gold in 2016 than any other financial asset. The digital gold service will also allow users to sell purchased gold online anytime.
Speaking about the collaboration, Mehdi Barkhordar, Chairman at MMTC-PAMP India Pvt Ltd said, “As India's first and only internationally accredited gold and silver refinery, we are proud to be placing India in its deserved leadership position in the global bullion market. Our partnership with Paytm provides every Indian access to high quality, 24k 999.9 pure gold in a convenient and transparent manner.”
Backed by Alibaba Group, Paytm currently have more than 218 million wallet users with 5 million merchants and claims to have touched 1.5 billion transactions in Financial Year 2017.