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Journalism of Courage
Alibaba-backed Paytm has partnered with MMTC-PAMP to launch ‘Digital Gold’ that will allow customers to buy and sell gold through the electronic platform. PAMP is a Switzerland based refiner with which MMTC has a joint venture. Using the Paytm app, consumers can purchase 24K 999.9 purity gold online and store it in MMTC-PAMP’s secure vaults free of charge. They can invest as low as Re 1 to buy the yellow metal.
Consumers 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.
“Gold is the preferred form of investment for Indians, and we are making it easier for our users to invest in gold digitally,” Paytm CEO Vijay Shekhar Sharma said. Customers can now buy and sell international quality gold at market-linked prices instantly for as low as Re 1 using their Paytm wallets, he added.
If the consumer wants to sell the gold, MMTC-PAMP will buy the gold back from them and the money will be transferred to the user’s bank account, Sharma said.
Currently, consumers transacting over Rs 20,000 through Paytm need to provide KYC details and the same will apply to the gold scheme.
