Indians currently hold more than 24,000 tonnes of gold worth $900 Billion 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 that a large market exists for a product that combines convenience with affordability and that has become clear with Paytm who started selling Gold on its platform last week.
According to the company, Paytm has registered strong demand for its Digital Gold product, with MMTC-PAMP selling over 30 kgs of gold on the platform. Consumers across India have shown keen interest in purchasing and storing pure gold online.
Paytm’s Digital Gold is enabling Indians to buy, store and sell pure gold instantly. Paytm users can now purchase gold online from MMTC-PAMP and store it in highly secure vaults free of charge. They can also request for their gold to be delivered at their home in the form of minted coins or sell it back to MMTC-PAMP online instantly.
The convenience of buying gold at a market-linked price combined with the flexibility of buying for as little as Re 1 will make saving through gold a habit.