The Indian mobile wallet giant, Paytm, had announced yesterday (27/04/2017) that it has collaborated with MMTC-PAMP and will launch Digital Gold on the occasion of Akshaya Tritiya (29/04/2017). Digital Gold will enable Paytm’s customers to trade with gold online. Customers can store their gold in MMTC – PAMP’s vault free of charge. Users can also request their gold to be delivered to their homes in the form of minted coins through Paytm’s app. Read more on Paytm
Speaking on the launch, Vijay Shekhar Sharma, Founder & CEO of 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”.
According to World Gold Council estimates, Indians presently own more than 24,000 tons of gold worth around US $ 900 billion. In 2016, India imported more gold than all of the other nations in the world. Users can buy or sell gold anytime online using Digital Gold.
Mehdi Barkhordar, Chairman of 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 billions market. Our partnership with Paytm provides every Indian access to high quality, 24k 999.9% pure gold in a convenient and transparent manner”.
The Alibaba group is Paytm’s prominent investor, which has more than 40% stake in the company. Paytm currently claims to have more than 218 million mobile wallet users and 5 million merchants and claims to have reached 1.5 billion transactions in Financial Year 2017. Doing digital transactions with gold online will be very convenient for Indian users since it saves them the trouble of going to actual jewelry stores to do transactions with gold every time. Hopefully Paytm’s users will find this new feature very useful and time saving. Read more on Startup News