Paytm‘s success with wallet and mobile payments is well known. In the past few years, the company has single handedly thrashed all other competitors to become India’s leading mobile payments company. Well, the payments unicorn doesn’t seem to be stopping just yet.
In a recent statement, Paytm announced that the sale of Digital Gold on its platform has increased by 100% growth rate on a monthly basis. Paytm has tied up with MMTCPAMP, a government promoted company, for the sale of gold on its wallet platform. The gold sold on Paytm platform is 24 caret pure gold. According to the released statement, majority of gold buyers are youths, who fall in the range of 25-35 years of age.
Krishna Hegde, Senior Vice President, Paytm commented on the news saying that the youth are getting attracted over this because of the flexibility Paytm offers while selling gold. Also, the small ticket size in which users can invest in gold also motivated them to purchase gold via Paytm.
With Paytm’s gold scheme, users can buy gold for as low as ₹1. The gold is secured in the vaults of MMTCPAMP and users can sell them anytime according to the current market price. Paytm is branding this as an investment opportunity where gold is bought and sold digitally. If the user is interested in buying physical gold, he will have to buy at least 1 gram of gold, which will be shipped on the users’s address.