Paytm users as the company has just announced that it is going to give its customers the option of getting digital gold as cash back on their transactions.
There is some very good news for all Paytm users as the company has just announced that it is going to give its customers the option of getting digital gold as cash back on their transactions.
Paytm had partnered with MMTC-PAMP, a gold refiner, so that customers could be allowed to buy gold for only 1 rupee. This partnership enabled the Paytm wallet holders to purchase 24K 999.9 purity gold online and stores it in the secure vault of MMTC-PAMP without incurring any additional cost.
The users of Paytm will now get an option to receive digital gold on some transactions they make. They will receive a special promotional code on certain purchases that will make this cash back option a reality for them.
Paytm has pointed out that they had noticed a certain trend amongst its users in the past few months. This trend was that the users were converting their cash backs into Paytm Gold so that their savings could be long term. The Senior Vice President of Paytm, Krishna Hegde has said that “To encourage this trend further, we are introducing cashback as Paytm Gold… whether you are shopping online, paying utility bills or buying movie/travel tickets (through Paytm), you can earn pure gold kept for free in MMTC-PAMPs secured lockers.”
An official statement given by the company says, “The company aims to encourage the habit of saving each time they spend, thus achieving long-term wealth creation for its users. Accumulated gold can be delivered or sold back to MMTC PAMP instantly.”
Customers also have the option of requesting that the gold is delivered to their houses in the form of minted coins. If they wish, they can also sell back the coins to MMTC-PAMP. The money will then be transferred back to the account of the user. Any customer that is carrying out a transaction of more than INR 20,000 needs to provide their KYC details to Paytm for such transactions.
Vijay Shekhar Sharma, the CEO and founder of Paytm has said that, “Gold is the preferred form of investment for Indians, and we are making it easier for our users to invest in gold digitally.”
“This partnership will ensure that masses can have access to high quality gold and they can invest in an affordable manner,” the Chairman of MMTC-PAMP, Mehdi Barkhordar, has said.
If users of Paytm do take to this policy for their transactions, it is going to be looked at positively by the Indian government. The government has been encouraging people to carry out their transactions in a digital form in order to curb the hoarding of gold. Let’s see how the customers take to this new form of digital gold as cash back.