Paytm said that it has sold 120 crores of gold from its platform within the first six months. The company said that on the day of Dhanteras, the number of buyers crossed over one million and during this time gold sales were up 12 percent.
Petty said, "There was more than 60 percent of the demand for gold on Paytm from small towns. The most demand came from Tamil Nadu, Maharashtra, Karnataka, Andhra Pradesh, Jharkhand and West Bengal." They said that most consumers have bought gold up to Rs 500. Pointing at an increasing trend of consumers choosing Paytm for gold as the preferred method for long-term savings
Paytm senior vice president Nitin Misra said, “Gold gives us an extraordinary opportunity to create a wealth solution that is trusted and used by consumers across every nook and corner of the country.” Paytm partnered with India’s only internationally accredited refinery MMTC-PAMP to launch Paytm Gold on its platform.
This will allow customers to buy 24 karats 999.9 pure gold online and store it in the MMTC-PAMP’s most secure, 100% insured lockers at no additional charge. Customers can also request this gold to be delivered to their homes in the form of minted coins or sell it back online to MMTC-PAMP at transparent market-linked prices.