Paytm partners with MMTC-PAMP to launch Digital Gold
Paytm, India’s largest mobile payment & commerce platform, has partnered with MMTC-PAMP, an MKS PAMP GROUP company, to launch Digital Gold. Digital Gold enables users to buy, store, sell and resell pure gold online instantly, as well as get it delivered to their home in the form of minted coins.
Speaking on the launch, Vijay Shekhar Sharma, Founder & CEO – Paytm 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. We are confident that this solution will help millions of Indians to buy and sell 24K 999.9 pure gold with utmost confidence and security.”
Mehdi Barkhordar, Chairman at MMTC-PAMP India Pvt Ltd said, “As India's first and only internationally accredited gold and silver refinery, we are proud to be placing India in its deserved leadership position in the global bullion market. Our partnership with Paytm provides every Indian access to high quality, 24k 999.9 pure gold in a convenient and transparent manner.”
Indians currently hold more than 24,000 tonnes of gold worth $ 900 Bn as per World Gold Council estimates. Indian households bought more gold in 2016 than any other financial asset despite the challenges of buying pure gold and storing it. It is clear a large market for a product that combines convenience with affordability.
Paytm is India’s largest mobile payment & commerce platform. With the current user base of more than 200 million, Paytm is on a mission to bring half a billion Indians to the mainstream of the economy using mobile payment, commerce and soon to be launched payment banking services. Paytm is founded by Vijay Shekhar Sharma, and is the Consumer brand of India’s leading mobile internet company One97 Communications. Paytm is headquartered in the National Capital Region, India. The company’s investors include Ant Financial (Alipay), Alibaba Group, SAIF Partners and Mediatek.
A joint venture between PAMP SA Switzerland and MMTC Ltd, a Government of India undertaking, MMTC-PAMP combines Swiss standards and technical expertise with Indian heritage, to create its diverse range of world class products. The company is India's first & only internationally accredited refinery for Gold and is constantly setting new global benchmarks for purity standards, technical expertise, and product innovation.