buy gold on Paytm starting Re 1.
Online payment platform Paytm on Thursday declared that on the occasion of Akshaya Tritiya has launched a wealth management service that will allow the customers to buy ‘Digital Gold’ product (24K 999.9 gold) for denominations as low as Re.1. The gold will be ‘home delivered’ in the form of gold coins.
The company, partnered with MMTC-PAMP, claims to have sold 10 kg of gold. Under this Digital Gold service, customers can buy or sell gold and store them digitally in MMTC-PAMP’s secure vaults. The gold can be stored up to a period of five years with no additional storage fee charged.
“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, CEO of 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,” said Mehdi Barkhordar, chairman of MMTC-PAMP India.
Paytm claims that this move will make investing in gold more affordable.
How it works:
# You need to be a registered Paytm user with a valid Paytm Log in ID and password.
# Using your Paytm login, you can access the ‘Gold powered by MMTC-PAMP’ plan.
# Enter your name and delivery pin code.
# You will need to submit your name, registered mobile number and pin code at the time of initiating your accumulation of Gold. In case your cumulative transaction value crosses Rs 50,000, you will be required to adhere to the prevailing KYC norms.
# You can make an offer to buy gold at the rate displayed on the platform in either rupees or gram.
# Live rate of Gold means the Gold rate in Indian rupees per gram of 9999 fine Gold, as posted from time to time, inclusive of duty, exclusive of taxes, product manufacturing/making charges, delivery charges etc.
# The live price, at which you choose to buy Gold, will be valid for 6 minutes from the time of you clicking on the option to buy. In case you fail to complete the transaction by making the payment, you will be redirected to the new live price, at which point you can restart the transaction to make a fresh offer to buy.
# In case a single transaction value crosses Rs 2 lakh, you will be required to submit your Pan Card details.