Consumers can now buy 'digital gold' using Paytm, for as low as Re 1

This will enable long-term wealth creation

On the occasion of Akshaya Tritiya, online payment platform Paytm on Thursday announced its collaboration with India's only Internationally Accredited Refinery MMTC-PAMP to launch Digital Gold, enabling Indians to buy, store and sell pure gold instantly.

Paytm users can now purchase gold online and store it in MMTC-PAMP's highly secure 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 back online instantly.

With Paytm's Digital Gold, customers can buy 24K 999.9 Gold from MMTC-PAMP instantly and store it in the country's most secure, 100 percent insured vaults at no additional charge. Consumers can buy gold for as little as Rs. one, thus democratising access to a wider set of customers as it will make investing in gold more affordable.

"Gold is the preferred form of investment for Indians, and we are making it easier for our users to invest in gold digitally. With this product, our customers can buy and sell international quality gold at market-linked prices instantly. The goal is to offer complete flexibility in deciding the amount they want to invest, and enable consumers to develop habit of saving regularly in digital gold for long-term wealth creation," said Vijay Shekhar Sharma, Founder and CEO - Paytm.

"As India's first and only internationally accredited gold and silver refinery, we are proud to be placing India in its deserved leadership position in the global bullion market. Our partnership with Paytm provides every Indian access to high quality, 24k 999.9 pure gold in a convenient and transparent manner," added Mehdi Barkhordar, Chairman at MMTC-PAMP India Pvt Ltd.

Indians currently hold more than 24,000 tonnes of gold worth $900 billion as per the World Gold Council estimates. Indian households bought more gold in 2016 than any other financial asset despite the challenges of buying pure gold and storing it.