Welcome to the world of Digital Gold!
On Akshay Tritiya Paytm had launched Paytm Gold pilot, their Digital Gold and Wealth Management platform where Paytm users could buy gold through their app. Now, Paytm has further extended it to all Indian citizens where they can buy, sell and even store gold in a few minutes.
In India, Gold is a very common savings instrument among the Indian households. Almost every Indian family own some amount of gold, which they save as a part of their future savings.
Though, till now the traditional yellow metal was bought at high rates from jewellers with very less attention to the market prices. But, with Paytm launching their Digital Gold, things would get easy, handy and transparent.
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What Will You Get with Paytm Digital Gold?
This is the first online wealth management product targeted at the lower-middle and middle-class Indians, which primarily aims at buying, selling and storing gold easy.
- If you buy gold on the Paytm Gold platform, you can store your gold in your own locker for free
- All the customers will get access to live market prices of Gold and have the option to sell back their accumulated gold online without any extra charge
- Paytm Gold will allow customers to buy 24.999K gold at the Live Market price on their platform starting at Re. 1
Pilot Results
Paytm introduced the Paytm Gold two months back in the month of April in partnership with MMTC-PAMP India (which is a joint venture between PAMP SA Switzerland and MMTC Ltd). The platform brought in the facility to buy 24.999K gold at live market prices. They have seen a massive response in the last two months and Paytm has planned to increase the number of serviceable pin codes, and are looking forward to making Paytm Gold available at almost every corner of the country without any limitations.
The Future
With the option to buy gold online at the live market price and then store it in the Paytm lockers for free is a major advantage. Plus, one can sell off the accumulated gold online later, without any hassle. From purity to safety to storage, Paytm will care of everything.
Digital Gold vs Traditional Gold
The Paytm Gold customers will not have to bear any additional charges. At a time, where hefty fees are charged for physical lockers, plus, higher rates when you buy traditional gold and all the trouble when you want to sell it back, Paytm Digital Gold will be a relief for the millions of Indians. With a present base of 225 million, they are targeting half a billion Indians to come onto their mobile platform.
Jewellery Stores to Face the Heat?
Buying gold offline has added costs, which includes making charges, purity concern, storage and many other things. Digital Gold brings in affordability and convenience, which will make buying, selling and storing gold an easy option for households across all income levels.
is there any option to convert this virtual gold into physical gold