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Paytm, which had partnered with gold refiner MMTC-PAMP to allow consumers to buy gold through its platform, also plans to invest Rs 10 crore in marketing to bring more customers on board.
"India loves gold, and during festivals like Dhanteras, this love manifests itself more than ever as millions of our fellow countrymen purchase gold," Paytm Senior Vice-President Nitin Misra said in a statement.
The company is witnessing nearly 2 million monthly transactions for Paytm Gold. It is offering 3 per cent extra gold -- up to Rs 4,444 -- on a minimum purchase of Rs 10,000.
"Paytm will also invest Rs 10 crore in marketing to reach out to customers in small cities and educate them about the flexibility, security and transparency of buying gold on the platform," Misra pointed out.
Earlier this year, Paytm had teamed up with MMTC-PAMP to allow consumers to buy gold for as low as Re 1. Under the partnership, Paytm wallet holders could purchase 24-karat 99.9 per cent purity gold online and store it in MMTC-PAMP- secure vaults free of charge.
They can sell their accumulated gold to MMTC-PAMP at live market prices instantly or choose to get it delivered at their doorstep in the form of gold coins.