Paytm, a prominent player in India’s merchant payments sector, has expanded its Paytm Gold service to offer doorstep delivery of physical gold in more than 12,000 pin codes across the country. This service allows customers to convert their digital gold balance into 24-karat gold coins, facilitating convenient gold purchases nationwide. Paytm collaborates with MMTC-PAMP, a joint venture between MMTC Ltd. and MKS PAMP SA, to provide this offering.
Customers can now redeem their digital gold balances for physical gold, enhancing the flexibility and control over their gold savings. The process incurs nominal making and delivery charges at the time of converting digital gold into physical gold. Paytm enables users to seamlessly purchase 24-karat digital gold through its app, starting from as low as Rs 51 based on real-time market prices. By converting digital gold into physical gold, customers can opt for doorstep delivery, backed by equivalent physical gold stored securely in insured vaults managed by MMTC-PAMP.
According to a Paytm spokesperson, the company aims to simplify the conversion of digital gold into 24-karat physical gold, especially during occasions like Akshaya Tritiya, a festival significant for gold purchases in India. The spokesperson highlighted that this service empowers individuals to save in gold according to their preferences. Paytm Gold’s physical delivery process through the app involves a few straightforward steps, including selecting ‘Withdraw Gold,’ choosing ‘Physical Gold Delivery,’ specifying the quantity or value, reviewing charges, confirming the delivery address, and completing the authentication process.
Paytm also offers Daily Gold SIPs, allowing users to make small, regular investments to steadily grow their digital gold savings. This feature promotes disciplined saving habits while offering the flexibility to accumulate gold assets over time and convert them into physical gold when needed.
