Paytm Gold was launched earlier this year in partnership with Indian bullion importer MMTC and Swiss gold refiner PAMP. They intend to sell millions worth gold to Indian customers via its digital gold platform this fiscal year. To achieve this they are adopting newer strategies every now and then. Gold buyers in our country have made it the no 2 consumers in the world behind China. So let’s see what this digital platform has to offer its users and the strategies to sell.
Paytm Gold allows you to buy gold starting from as low as Rs. 1 and store it in MMTC-PAMP’s 100% insured, secure lockers for free. The gold is 24K 999.9 and is available 365 days, 24/7. You can also sell the gold or demand door-step delivery at a fixed charge. The gold transfer is free of cost and the pricing is extremely transparent. Funded by Japan’s SoftBank Group and China’s Alibaba, Paytm is now the leading e-Wallet with 57 percent share in payment market. They have 210 Mn users, 4 Mn offline merchants, 150K online merchants, and an RBI Payment Bank license to boast about. With this much reach, they surely can redefine gold savings and investments in digital form.
Recently Paytm offered 100 percent cash back for digital gold purchases amounting Rs 11, probably to give every user an experience of the same. As a new strategy, they are offering digital gold instead of cash back for each purchase or recharges done. According to an email response, “user can choose to receive their cash back in their wallet or as Paytm gold.” Announcing the update Paytm Senior Vice President Krishna Hegde said “To encourage this trend further, we are introducing cashback as Paytm Gold. whether you are shopping online, paying utility bills or buying movie/travel tickets (through Paytm), you can earn pure gold for free in MMTC-PAMP’s secure lockers.” Paytm find many of the users were shopping and converting the cash back into Paytm gold.
Paytm Gold Features
- Convenient access, full insurance, and security, transparent prices linked to live market.
- Buy & sell [link] 24K 999.9 gold, 24X7, 365 days a year, for values as low as Rs. 1 or 0.0003 g.
- Digital gold in your account converted to coin/bar form and delivered to your doorstep.
Before launching Paytm Gold, they did a Pilot program in October 2016 and came to following conclusions. They analysed the nature of Indian customers and learned that current scenario of gold purchase is so opaque and puzzling. Many customers fear, where to buy from, whether they get pure gold, whether they can sell it back. So with more transparency like live prices linked to global markets, 999.9 purity and doorstep delivery Paytm Gold averts some fears of the public. Hope you enjoyed the article, Peace!