Alibaba-backed Paytm launched ‘Digital Gold’ in partnership with MMTC-PAMP to enable customers who would want to buy and sell gold, but through this electronic platform. With an introduction of a service like this, customers can buy 24k 999.9 purity gold online and store it in MMTC-PAMP’s secure vaults which are free of charge. 9999 gold is considered to be the purest form of gold extensively used for trading all across the world. 24 karat gold is of 99.9% purity, while on the other hand, the gold that is purchased through GAP is at least 99.99% pure. Customers can buy gold for as low as Re 1. The customers who use Paytm can check for the price of gold and can also have it delivered to their homes in the form of minted coins or there’s an option of selling it back online to MMTC PAMP.
How to buy ‘Digital Gold’ on Paytm?
- The non-users need to install Paytm App on your mobile phone
- You need to select ‘Digital Gold’ tab on Paytm
- Select on the option ‘Buy Gold’ and then decide if you want to buy in grams or rupees
- Fill in your personal details and proceed to make the payment
To purchase ‘Digital Gold’ through Paytm website
- Login to Paytm website and find the Gold tab
- Select the option of buying in grams or rupees
- Fill in your personal details
- Proceed for payment with delivery address
To know if your order has been placed successfully or not, the buyer would receive an invoice stating his/her orders details. In order to download the invoice of your purchase, you will have to visit the order page under ‘My orders’ section either on Paytm web or App and click on the ‘invoice’ option. Besides this, the invoice is also e-mailed in the form of an attachment on the registered email address.
How to sell ‘Digital gold’ accumulated in the past?
If an individual decides to sell his/her digital gold which has been purchased in the past, they can either sell it either in rupees or grams. For example, you can either sell it at Re 1 or 0.1 grams and above. An individual’s gold account holdings need to be equal or higher than the quantity offered to sell. For this, the customer would have to share their Bank account number and IFSC code in order to receive the payment. The Gold balance will be immediately debited in your Gold account once the convenience fee has been paid.
Physical Gold against Paytm Digital Gold
There’s also a scope to get Physical gold against your Paytm digital gold. MMTC-PAMP offer these 24 karat gold coins on Paytm for which you need to have minimum 1 gram gold balance in your Paytm account. Since the minimum gold offered starts from 1 gram, you need to choose the coins starting from 1, 2, 5 and 10 grams. Do make a note of paying additional making charges along with delivery charges to get the physical gold coin. The making charges would vary basis the size of the coin.
There’s a facility for an individual to purchase up to a maximum of Rs. 1.50 lakh per transaction while there’s no limit on the number of transactions. Paytm’s Digital Gold facility has received a good response from the tier 2 and 3 cities since the consumers are getting an access to better quality gold.