Paytm sells over 30 kgs of 'Digital Gold' in 6 days

Alibaba-backed Paytm said it has sold over 30 kgs of ‘digital gold’ in six days of launching the service in partnership with gold refiner, MMTC- PAMP.

Last week, the two companies had launched ‘Digital Gold’ service that allowed customers to buy and sell gold through Paytm’s electronic platform.

The facility allowed people to buy gold for as low as a Re.

“We are registering high traction from smaller cities as well since consumers now have better access to high quality gold at small ticket prices,” Paytm Senior Vice President Krishna Hegde said in a statement.

Using their Paytm mobile wallets, consumers can purchase 24K 999.9 purity gold online and store it in MMTC-PAMPs secure vaults free of charge.

They can also request for their gold to be delivered at their homes in the form of minted coins or sell it back online to MMTC-PAMP.

India is the world’s largest consumer of gold. An estimated 24,000 tonnes worth USD 900 billion of gold is stocked in homes and bank lockers in India.