Paytm Digital Gold: Buy, store, sell gold instantly with e-wallet for just Re 1

Paytm on Thursday announced the launch of ‘Digital Gold’ which shall allow its 200-million plus users to buy, store and sell gold instantly.

Chief Executive Officer Vijay Shekhar Sharma said that the Digital Gold vertical would be part of the wealth management product, part of its proposed payments bank, which was still awaiting a final nod from the Reserve Bank of India (RBI). 

“Customers can now buy and sell international quality gold at market-linked prices instantly for as low as Rs 1 using their Paytm wallets. If a user wants to sell the gold, MMTC-PAMP will buy the gold back and the money will be transferred to his bank account,” Sharma said.

“Gold is the preferred form of investment for Indians, and we are making it easier for our users to invest in gold digitally. With this product, our customers can buy and sell international quality gold at market-linked prices instantly.

The goal is to offer complete flexibility in deciding the amount they want to invest, and enable consumers to develop habit of saving regularly in digital gold for long-term wealth creation,” Vijay Shekhar Sharma, founder of Paytm said at a press conference. He declined to give details on the firm’s launch of its payments bank.

While the purchased gold can be stored in MMTC-PAMP’s secure vaults free of charge, a consumer can also request for home delivery of minted coins or sell it back online instantly.

So here is how you can buy, sell Gold with your Paytm e-wallet

#You need to be a registered Paytm user with a valid login ID

#You can make an offer to buy gold at the rate displayed on the platform in either rupees or gram

#In case a single transaction value crosses Rs 20,000, you will be required to submit your KYC details; in case your cumulative transaction value exceeds Rs 50,000, you will be required to furnish your PAN card

#The gold can be kept in the vaults of MMTC-PAMP

#The gold purchased can also be delivered at your doorstep as coins or bars