168 views 3 mins 0 comments

Paytm Registers 2x Growth in Digital Gold; Over 75 Million Customers have Transacted 5000 kg

In Business
November 19, 2020

India’s homegrown digital financial services platform Paytm has announced today that it has recorded 2x growth in the digital gold transactions during the last six months. Since the beginning of this financial year, new users have increased by 50% and the average order value is up by 60%. With this, the total transaction volume on the platform has crossed the milestone of 5000 kg. The company has now extended the Paytm Gold services to Paytm Money platform, enabling users to buy & sell digital gold on any of the two platforms.

The company has also announced the launch of its high-value transaction product feature wherein users would be able to buy Paytm Gold worth up to Rs 1 Crore in one go on its app. Previously, it was possible for users to buy gold only up to Rs 2 Lakh in a single transaction. Now, with this change, users can purchase higher quantities of Gold in a completely seamless and transparent manner.

Paytm has registered a steady rise in the number of customers and over 73 million people have bought Paytm Gold on the platform till now. Almost 40% of these buyers are from smaller cities & towns, which reflects that now people across the country are considering digital gold as a serious investment option. This is further confirmed by the fact that this year’s Akshay Tritiya embarked 2.5x sales compared to the last year.

Varun Sridhar, CEO – Paytm Money said, “As the pandemic continues, Paytm’s digital gold has generated massive interest from Indians who want to continue buying gold for the purpose of investment, personal use & gifting during these uncertain times, but have been restricted from going out to buy gold or meet friends and family. We are confident of this trend accelerating in the future, even after the pandemic ends, simply because the ease and accessibility of buying gifting digital gold is unmatched and its value as a prime commodity is now widely recognized. In keeping with its credentials as an integrated investment platform, Paytm Money will now allow users to buy and sell gold, enabling them to take further control of their investment plains. Digital gold empowers citizens to buy in the amount of their choice, no matter how small, thereby enabling them to calibrate their investment planning. Consequently, we have big plans for this product and major offers and promotion for digital gold may be unveiled in the near future.”

Paytm’s digital gold is 100 percent secure as it comes from MMTC-PAMP, among the world’s most advanced gold and silver refining and minting facilities, set up as a joint venture between India’s MMTC (a Government of India Undertaking) and Switzerland’s leading bullion brand PAMP SA.