Paytm Looks To Cash In On India’s Love For Gold
Online payment interface will allow users to buy gold for as little as Re 1.
Groceries, food articles, taxi rides and now trading in gold – India's largest online financial service provider Paytm is letting its subscribers buy and sell the precious metal on its platform.
The online financial platform has tied up with MMTC-PAMP, a precious metals processing company, to buy, sell and store 24-carat gold blocks instantly. The processing facility will also store the gold free of cost or deliver it to the buyer's doorstep in the form of minted coins.
Another big draw for users could be option of buying gold worth as little as Re 1. Paytm's Founder and CEO Vijay Shekhar Sharma said during the launch of the scheme that the company aims to provide its customers complete flexibility to make smaller investments in digital gold, so that they develop a habit of saving regularly.
The product was launched on the eve of Akshaya Tritiya, the auspicious Hindu calendar day when families purchase small quantities of the yellow metal as part of tradition.
The World Gold Council has pegged total gold demand in India at 650-750 tonnes in 2017.