Paytm launches two new services under wealth management offering

Mobile application basedfinancial services platform Paytm has announced the launch of two new services - Gold Gifting and Gold Savings Plan as part of its wealth management offering, Paytm Gold.

The company said the customers can now send 24K 999.9 purity gold to each other instantly - offering them a convenient gifting solution.

It said that more than 60 per cent of Paytm Gold purchases are from tier two and three cities with millennial constitutingthe majority.

The platform has witnessed repeat purchases of Paytm Gold worth up to Rs 500 at regular intervals, thecompany said in a release.

On the Gold Savings Plan, the company said the scheme intends to help customers conveniently andregularly save in gold as per their budget and requirement byentering the duration, frequency and amount of gold they wantto save.

The company said the customer's gold will be stored in MMTC PAMP's 'secure and 100% insured' lockers for free and they can get delivery of this gold at any time.

"This would eliminate additional fees associated with offline Gold purchase like making and locker charges, while offering customers access to trusted and affordable gold savings for the long-term," the company said.