Paytm introduces 'digital gold' as cashback on transactions

Paytm has introduced the feature of availing 'digital gold' as cashback on transactions. This means whether you are shopping online, paying utility bills or buying movie/travel tickets, you can earn pure gold kept for free in MMTC-PAMP's secured lockers.

Gold is the default savings instrument in India, with one in two Indian households owning some amount of gold as a part of their future savings. This was why, earlier this year, Paytm partnered with the gold refiner, MMTC-PAMP to allow consumers to buy gold for as low as Re 1. Under the partnership, Paytm wallet holders can purchase 24K 999.9 purity gold online and store it in MMTC-PAMP's secure vaults free of charge.

Paytm Gold witnessed huge interest across cities and towns and is now live across 16,000 pincodes in India. "Now you can save gold for long-term wealth creation irrespective of location or income level. That means, whether you are shopping online, paying utility bills or buying movie/travel tickets, you can earn pure gold kept for free in MMTC-PAMP's secured lockers," said Krishna Hegde, senior vice president, Paytm.

The company says it will soon introduce features for transferring gold balance to jewelers or gifting the digital Paytm Gold to others over the app. "We are bringing access, transparency, and integrity to gold purchase. The customers can also now redeem gold in the form of products from select jewelers. It is the lowest denomination of gold being sold worldwide where customers can buy gold for as low as Rs 1," said Mehdi Barkhordar, chairman at MMTC-PAMP India.