Paytm Gold allows for storage locker facility with MMTC-PAMP

Key Highlights

• Paytm Gold launches option to store gold in its own lockers for no extra charge.
• Customers get access to live price updates and have the option to sell back their accumulated gold online.
• Paytm Gold allows for customers to buy 24.999K gold at live market prices on its platform starting at Re. 1.

Digital Gold and wealth management platform – Paytm Gold announced the introduction of free locker facility to store the yellow metal.

“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,” the company said in a released on Wednesday.

The e-wallets platform had introduced Paytm Gold in the month of April in partnership with MMTC-PAMP India – a joint venture between PAMP SA Switzerland and MMTC Ltd, accredited gold refinery to buy 24.999K gold at live market prices on its platform.

“Within two months of launch, Paytm Gold has become a chosen savings instrument for thousands of Indians. Seeing this encouraging response, Paytm has increased its set of serviceable pin-codes, and will soon make Paytm Gold available at every nook and corner of the country without any limitations,” Paytm said.

The option to purchase gold online and store it in Paytm lockers comes after the safety of physical lockers and the fees to maintain them came into question.

“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,” the company said.

Paytm that claimed to have a user base of over 225 million has targeted half a billion Indians to come onto its mobile platform.

“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,” Krishna Hegde, Snr. Vice President - Paytm said.

Commenting on the partnership with Paytm 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.”