Paytm Launches 2 New Services Under Wealth Management Offering 'Paytm Gold'

An extension of its wealth management offering, Paytm Gold, Mobile application based financial services platform Paytm has announced the launch of two new services, Gold Gifting and Gold Savings Plan.

The company said the customers can now send 24K 999.9 purity gold to each other instantly - offering them a convenient gifting solution.

It said that more than 60 per cent of Paytm Gold purchases are from tier two and three cities with millennial constituting the majority.

The platform has witnessed repeat purchases of Paytm Gold worth up to Rs 500 at regular intervals, the company said in a release.

On the Gold Savings Plan, the company said the scheme intends to help customers conveniently and regularly save in gold as per their budget and requirement by entering the duration, frequency and amount of gold they want to save.

The company said the customer's gold will be stored in MMTC PAMP's 'secure and 100% insured' lockers for free and they can get delivery of this gold at any time.

The company said, "This would eliminate additional fees associated with offline Gold purchase like making and locker charges, while offering customers access to trusted and affordable gold savings for the long-term."