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40 kgs of gold bought through Digital Gold product in 2 months

Press Trust of India  |  Coimbatore 

A total of 40 kgs of gold were bought in the last couple of months through Gold product, launched by PayTM, a senior company official said.

The product, launched in partnership with MMTC-PAMP, has received wide appreciation from the people and have bought gold from as many as 4,000 pincodes, PayTM Senior Vice president, Krishna Hegde told reporters here.

With mobile wallet user base of over 220 million, the company was hoping that at least 40 to 50 per cent of the customers would use its Gold account to buy, store and sell gold within a short span of time, he said.

More than 1,000 users have bought digital gold totalling about one KG by 9 AM today, Head, Business Development and Strategy, Harshit Pande said.

On buying digital gold on Paytm, he said the customer would be able to buy gold online and store it in - PAMP's vaults free of charge.

They can also request for their gold to be delivered at their home in the form of minted coins or sell it online instantly.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 19:42 IST