Paytm plans to sell Rs 1400 crore worth Gold in FY18
MUMBAI (Scrap Register): Paytm has launched a new Gold offering in April this year known as Paytm Gold which created a significant demand and now the firm is expecting to sell Gold worth Rs 1400 crore in the current fiscal.
An increase in Gold transactions was seen in the digital platform, Paytm Gold on the back of rise in price of gold by more than 8 percent from the beginning of this year. Paytm Gold has been launched in partnership with gold refiner MMTC-PAMP.
“The product has witnessed significant interest in tier II and tier III cities because customers in these locations didn't have access to high quality gold at attractive prices. We are seeing demand across the platfor m with Goa, Kar nataka, Himacha Pradesh, Tamil Nadu, Punjab, Haryana, West Bengal, Gujarat and Chhattisgarh being the top markets for Paytm Gold,” Krishna Hegde, senior vice-president, Paytm quoted to Economic Times.
Using the Paytm platform, customers can by 24K 999.9 gold from MMTC-PAMP, also they can store it in the company's 100 per cent insured vaults at no additional cost.
MMTC-PAMP delivers gold coins to customers who choose doorstep delivery and is able to buy back gold if anybody wants to sell the gold they have accumulated on Paytm Gold platform.