Paytm aims to sell 1 tonne gold by year end

Digital payments company, Paytm, aims to sell a tonne of gold through its platform this year, buoyed by an increasing number of consumers turning to digital avenues to invest in the yellow metal.

The company claims to have already sold over 100 kgs of gold through its platform in two months since the launch of the service in May this year.

Krishna Hegde, Senior Vice President, Paytm, said, "We have witnessed good traction as consumers are shifting from traditional methods of buying gold to saving online."

He said, "Consumers have realised that the option of purchasing digital gold at market-linked prices is more beneficial over buying physical gold coins."

He further added, "We have already sold over 100 kgs of gold in the first two months alone and we aim to sell over a tonne of gold by the end of the year."

Paytm had partnered gold refiner, MMTC-PAMP to allow consumers to buy gold for as low as Re 1. Using their Paytm mobile wallets, consumers can purchase 24K 999.9 purity gold online and store it in MMTC-PAMP's secure vaults free of charge.

They can also request for their gold to be delivered at their homes in the form of minted coins or sell it back online to MMTC-PAMP.

Hegde said, "Going forward, we will educate a wider set of customers about buying gold online starting with as low as Re 1. Our goal is to inculcate the habit of saving regularly through purchase of digital gold."