– Offers 24.999K Gold from MMTC-PAMP
New Delhi, July 12, 2017: Gold is the default savings instrument in India, with one in two Indian households owning some amount of gold as a part of their future savings. This precious metal has been traditionally bought at high fixed outlays at jewellers with limited attention to market prices.
Owing to combination of concerns around purity, safety, high storage charges and long waiting periods for lockers, consumers are increasingly shifting to Paytm Gold powered by MMTC-PAMP – a product that is bringing affordability to India’s preferred wealth management asset.
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. 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.
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. This will enable everyone irrespective of demographics and income levels to put a portion of their savings into Paytm Gold.
Krishna Hegde, Snr. Vice President – Paytm said, “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. We are expanding our set of serviceable pin-codes to reach a wider set of consumers across India and helping them adopt Paytm Gold as a means to save for their future.”
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. This is one of the landmark steps towards transforming the way the Indian consumer buys gold.”
Paytm is India’s largest mobile payment & commerce platform. With the current user base of more than 225 million, Paytm is on a mission to bring half a billion Indians to the mainstream of the economy using mobile payment, commerce and recently launched Payment Bank. Paytm is founded by Vijay Shekhar Sharma, and is the Consumer brand of India’s leading mobile internet company One97 Communications. Paytm is headquartered in the National Capital Region, India. The company’s investors include Ant Financial (Alipay), Alibaba Group, SoftBank, SAIF Partners and Mediatek.
Incorporated in 2008, MMTC-PAMP India Private Limited is among the world’s most advanced gold and silver refining and minting facilities. The company is set up as a joint venture between India’s MMTC Ltd. (a Government of India Undertaking) and Switzerland’s PAMP SA (the world’s leading bullion brand). MMTC-PAMP is also the only Indian refinery to focus only on Responsible Gold – The international standard that certifies that every gram of gold we sell in India has been globally extracted in a manner that does not contribute to armed conflict, human rights abuses or breaches of international humanitarian law.