Paytm Gold aiming for threefold growth in sales this festive season

Paytm, the brand owned by One97 Communications, on Tuesday said Paytm Gold was now redeemable at partner jewellery stores across the country. The firm is adding gold offline as part of Paytm Mall’s overall online-to-offline strategy. 

In an effort to make its omni-channel plan cover everything from buying groceries to precious metals effective, the company has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to enable its users to buy jewellery by redeeming their accumulated gold. It is giving back cashbacks on offline transactions in for ‘goldbacks’.

“Customers will receive up to 5 per cent goldback as part of inaugural offer on the transactions done using Paytm Gold. This facility is now live in 100 plus stores and the plan is to add another 250 stores in the next 20 days. Paytm is aiming for 3x growth in sale of Paytm Gold while also expanding the overall industry size of digital gold in India,” the company said. 

According to the company, within two years of its launch, Paytm Gold has become India’s largest platform for savings in digital gold. The wealth management offer enables people to buy, store and sell the world’s highest quality of gold for as low as Rs 1 from its partnered sellers. 

Till now, more than 30 million customers have transacted more than 4.2 tonnes of Paytm Gold. The platform leads the digital gold market with 70 per cent share. The company is also engaging with other leading jewellery chains to offer this service in all major cities and towns. Paytm Gold offers free insured lockers, real-time market-linked prices and delivery across 25,000 PIN codes, Gold Savings Plan and Gold Gifting.

“Our partnership with leading jewellers is an important landmark as our customers can now conveniently redeem their gold savings at nearby jewellery stores. We will continue expanding our partnerships and offers to make savings in Paytm Gold a habit,” Narendra Yadav, vice-president, Paytm said.