India’s Paytm plans to sell 5 tons of Gold this year

INDIA July 21 2017 4:32 PM

MUMBAI (Scrap Register): Paytm the digital payment company is looking forward to develop the business from their e-wallet program, as they are planning to sell 5 tons of Gold this year which is worth $200 million, they are also planning to give digital gold as cash back on the transactions.

Paytm wallet holders can buy 24 karat 999.9 purity Gold online and they can store it in the free of charge vault provided by paytm. Paytm has partnered with gold refiner, MMTC-PAMP to permit consumers to buy Bold at a cheap rate of Rs 1. 

"The company aims to encourage the habit of saving each time they spend, thus achieving long-term wealth creation for its users. Accumulated gold can be delivered or sold back to MMTC PAMP instantly," as per Paytm officials.

The Gold offering by the company was launched by the end of April and is looking forward to sell about 5 tons by the Fiscal year to March 2018. Clients will be able to buy and sell even small amounts of gold digitally for as little as 1 rupees through Paytm's platform.