Paytm will now offer Paytm Gold as cashback on transactions. Now, users can choose to receive their cashback in their Paytm Wallet or as Paytm Gold. Customers will receive the option to opt for a special promo code which will enable them to convert their cashback into Paytm Gold.
Paytm forayed into wealth management space with Paytm Gold earlier in April. The company had partnered with gold refiner, MMTC-PAMP to allow users to buy gold for as less as Re 1. As a result of the partnership, Paytm wallet holders could purchase 24K 999.9 purity gold online. The gold is stored in what MMTC-PAMP says are its 100 percent secure insured lockers. Paytm said that more than 60% of all its users are choosing to buy and accumulate gold according to their budget instead of selling or requesting delivery.
Krishna Hegde, Vice President Paytm said,
We have observed that many of our customers were shopping and converting their cashback into pure gold. To encourage this trend further, we are introducing cashback as Paytm Gold. 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-PAMPs secured lockers. This will transform the way the Indian consumer saves.
Mehdi Barkhorda, Chairman MMTC-PAMP India said,
Our partnership with Paytm is built on the foundation of making it easier for every Indian to buy, store and redeem highest quality gold. Launching cashback as Paytm Gold is a natural extension for us, as it would allow every customer to put aside a portion of their money every time they are transacting.