NEW DELHI:
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.
more recommended stories
Discover Serenity and Adventure at Club Mahindra Assonora, GoaPANAJI:Known for its vibrant beaches and.
Smart Waste Bin Project Wins CSI InApp Global AwardTHIRUVANANTHAPURAM:The smart waste bin project developed.
Progility Technologies Secures Contract to Enhance CIAL’s Digital InfrastructureKOCHI:Progility Technologies, a leading provider of.
HREvolve Organises ‘Elevate’ 24’ in Technopark to Address Challenges in HR DomainTHIRUVANANTHAPURAM:‘Elevate’24,’ the one-day conclave organised by.
Australian Consul General Expresses Support for Marketing of Horticultural ProductsKOCHI:Australian Consul General in South India,.
IndusInd Bank and UNICEF Collaborate to Strengthen Climate Risk ManagementMUMBAI:IndusInd Bank and UNICEF announced a.
Huddle Global at Finger Tips as CM Launches app for Mega Startup FestTHIRUVANANTHAPURAM:Chief Minister Pinarayi Vijayan today launched.
93% of Indian Executives Anticipate a Cyber-budget Increase Next YearNEW DELHI:Indian executives rank cybersecurity as.
KSUM Startup GreenAds Global Bags Google Innovation Champion HonourKOCHI:Leading business communication service provider GreenAds.
Technopark-based Centre of US Firm Bags Clutch Global AwardKOLLAM:Technopark-Kollam-based development facility of California-head quartered.