JOIN USPaytm on Thursday announced that it would enable customers to get their cashback as Paytm Gold. Launched in April this year, Paytm Gold, has been attracting more customers, including Tier-2 and Tier-3 cities, and over 175 kg of gold has been transacted till now.
Krishna Hegde, Senior Vice President, Paytm said, “Many of our customers were shopping and converting their cashback into pure gold. To encourage this trend, we are introducing cashback as Paytm Gold.”
Its fastest growing cities are Kancheepuram, Bengaluru, Hyderabad, Thane and Ahmedabad. “When one buys gold, he/she also gets a free locker facility. Paytm Gold bought from MMTC-PAMP is stored in their 100% secure insured lockers at no additional cost to the customer,” said Hegde.
Established in 1963, MMTC is the largest public sector trading body, and PAMP, established in Switzerland in 1977, is world’s leading bullion brand. Paytm has tied up with MMTC-PAMP for this offering.
On the Paytm platform, customers can buy 24K 999.9 Gold. “One can buy gold for even Re 1, and can also sell it. One can either prefer delivery of gold or to save the same in our lockers. Everyday, few thousands are added to our list and we are seeing many repeat customers. At present, we are servicing close to 17,000 pincodes in a secured way,” Hegde said.
Mehdi Barkhordar, Chairman at MMTC-PAMP India, said, “Our partnership with Paytm is built on the foundation of making it easier for every Indian to buy, store and redeem highest quality gold. Launching cashback as Paytm Gold is a natural extension for us, as it would allow every customer to put aside a portion of their money every time they are transacting.”
Going forward, Paytm Gold is also planning to tie up with jewellers across the country.