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Paytm sells over 30 kgs of ‘Digital Gold’ in six days of launch

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Alibaba-backed said it has sold over 30 kgs of ‘digital gold’ in six days of launching the service in partnership with gold refiner, MMTC- PAMP.

Paytm sells over 30 kgs of 'Digital Gold' in six days of launch
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

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 1.

“We are registering high traction from smaller cities as well since consumers now have better access to high quality gold at small ticket prices,” Senior Vice President, Paytm, said in a statement.

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.

India is the world’s largest consumer of gold. An estimated 24,000 tonnes worth US $900 billion of gold is stocked in homes and bank lockers in India.