Paytm now enables customers to get their cashback as Paytm Gold. This will combine the spending and saving experience with an asset that is close to the hearts of Indians. Paytm Gold bought from MMTC-PAMP is stored in their 100% secure insured lockers at no additional cost to the customer. The company aims to encourage the habit of saving each time they spend, thus achieving long-term wealth creation for its users. Accumulated gold can be delivered or sold back to MMTC PAMP instantly.
Launched in April, Paytm Gold has been attracting thousand of customers, making the platform the country’s largest jeweler in terms of footfall within days of launch. More than 60% customers are choosing to buy and accumulate gold according to their budget instead of selling or requesting delivery, without worrying the heavy fees for gold storage in physical lockers. To accelerate this rapid adoption, the company is now servicing all pin-codes, making the product available at every nook and corner of the country. This will enable every Indian, irrespective of location and income level to save in Paytm Gold.
Krishna Hegde, Snr. Vice President – Paytm said, “We have observed that many of our customers were shopping and converting their cashback into pure gold. To encourage this trend further, we are introducing cashback as Paytm Gold. Now you can save gold for long-term wealth creation irrespective of location or income level. That means, whether you are shopping online, paying utility bills or buying movie/travel tickets, you can earn pure gold kept for free in MMTC-PAMP’s secured lockers. This will transform the way the Indian consumer saves.”
Mehdi Barkhordar, Chairman at MMTC-PAMP India said, “Our partnership with Paytm is built on the foundation of making it easier for every Indian to buy, store and redeem highest quality gold. Launching cashback as Paytm Gold is a natural extension for us, as it would allow every customer to put aside a portion of their money every time they are transacting. This money would then be converted into pure gold purchased from and stored in MMTC-PAMP lockers with complete flexibility in redemption. We believe this is the largest number of customers a jeweler has served in this country in such a short period.”
Paytm Gold has made it accessible for every Indian to buy, store and sell pure gold instantly. The product has witnessed huge interest across cities and towns from Burdwan, Dhanbad, Warangal, Kanchipuram to Delhi, Bengaluru, Hyderabad and Kolkata. Customers at more than 8,000 pincodes have chosen Paytm Gold as their preferred savings instrument. On the Paytm platform, customers can buy 24K 999.9 Gold from MMTC-PAMP (India’s only Internationally Accredited Refinery) instantly and store it in the country’s most secure, 100% insured lockers at no additional charge. Consumers can buy gold for as little as Re. 1, democratizing access to a wider set of customers as it will make investing in gold more affordable.