This facility has been launched in collaboration with MMTC-PAMP, reported The Hindu.
MMTC-PAMP India – a joint venture between PAMP SA Switzerland and MMTC Ltd, a Government of India Undertaking – operates the world’s most advanced precious metals processing facility, under the direct technical supervision of PAMP.
Paytm users can now buy gold online and store it in MMTC-PAMP’s highly secure vaults free of charge.
Users can also request for their gold to be delivered at their home in the form of minted coins or sell it back online instantly.
“Gold is the preferred form of investment for Indians and we are making it easier for our users to invest in gold digitally,” said Vijay Shekhar Sharma, founder and chief executive officer, Paytm.
“With this product, Paytm customers can buy and sell international quality gold at market-linked prices instantly,” he said.
“The goal is to offer complete flexibility in deciding the amount they want to invest, and enable consumers to develop habit of saving regularly in digital gold for long-term wealth creation,” Sharma added.
With the help of this service, consumers can buy gold for as little as Re 1.
“This is the first step in Paytm’s journey in wealth management”, he said.
“As India’s first and only internationally accredited gold and silver refinery, we are proud to be placing India in its deserved leadership position in the global bullion market. Our partnership with Paytm provides every Indian access to high quality, 24K 999.9 pure gold in a convenient and transparent manner,” said Mehdi Barkhordar, chairman at MMTC-PAMP India Pvt Ltd.
“This kind of digital gold product was pioneering on two counts– one could come in with as little as Re 1 and secondly it can be accessed through a mobile phone,” said Arjun Raychaudhuri, head-strategy and digital transformation, MMTC-PAMP India Pvt Ltd.