Noida: Within two months of launch, Paytm Gold claims to have become a chosen savings instrument for thousands of Indians. Seeing this encouraging response, Paytm has increased its set of serviceable pin-codes and plans to make Paytm Gold available at every nook and corner of the country soon. “This will enable everyone irrespective of demographics and income levels to put a portion of their savings into Paytm Gold,” it said in a press release today.
It may be noted that gold is the default savings instrument in India, with one in two Indian households owning some amount of gold as a part of their future savings. This precious metal has been traditionally bought at high fixed outlays at jewellers with limited attention to market prices.
“Owing to combination of concerns around purity, safety, high storage charges and long waiting periods for lockers, consumers are increasingly shifting to Paytm Gold powered by MMTC-PAMP – a product that is bringing affordability to India’s preferred wealth management asset,” Paytm said.
Paytm Gold can be bought from MMTC-PAMP anytime anywhere starting at just Re 1 and stored in MMTC-PAMP’s free and 100% insured secure lockers. Paytm Gold customers don’t bear any additional charges as opposed to hefty fees for gold storage in physical lockers. Customers get access to live price updates and have the option to sell back their accumulated gold online instantly to MMTC-PAMP.
Talking about their initiative, Krishna Hegde, Sr. Vice President, Paytm, said, “Buying gold offline comes with added costs including making charges. Further, the minimum amount tends to be high making gold inaccessible to several income groups. Owing to the affordability and convenience our product offers, a number of households across income levels are saving in Paytm Gold today. We are expanding our set of serviceable pin-codes to reach a wider set of consumers across India and helping them adopt Paytm Gold as a means to save for their future.”
Arjun Raychaudhuri, Head of Strategy and Digital Transformation at MMTC-PAMP, said, “As India’s first and only internationally accredited gold refinery, we are proud to bring 24K 999.9 gold to the Indian customer. Paytm Gold is aimed at genuine financial inclusion, where every Indian, irrespective of the amount of purchase, can buy gold of international quality for the first time in a simple and transparent manner. This is one of the landmark steps towards transforming the way the Indian consumer buys gold.”