Senior Correspondent, IndianRetailer.com & Retailer Magazine May 03, 2017 / 2 MIN READ
Alibaba-backed Paytm has said it has sold over 30 kgs of 'digital gold' in six days of launching the service in partnership with gold refiner, MMTC- PAMP.
Last week, the two companies had launched 'Digital Gold' service that allowed customers to buy and sell gold through Paytm's electronic platform.
The facility allowed people to buy gold for as low as a Re.
Krishna Hegde, Senior Vice-president, Paytm, said, "We are registering high traction from smaller cities as well since consumers now have better access to high quality gold at small ticket prices."
Using their Paytm mobile wallets, consumers can purchase 24K, 999.9 purity gold online and store it in MMTC-PAMPs 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.
This strategic move allows customers across India to access an exclusive range of premium beauty and personal care products at attractive discounts through the Paytm se ONDC Network using the Paytm app.
As a prominent buyer app on the ONDC Network, the company has experienced remarkable growth, now offering over 200 brands across diverse categories.
As consumer preference leans increasingly towards mobile transactions, businesses are swiftly embracing digital payment options.
Paytm reported a positive EBITDA before ESOP cost (earnings before interest, taxes, depreciation, amortization, and employee stock option costs) of Rs 31 crore.
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