Paytm now allows you to buy and sell gold, at the best prices across India, without any extra fees

Paytm today launched a new feature on its app which enables its users to buy and sell gold on its platform. The platform has partnered with MMTC-PAMP for this feature where the latter will enable the buying-selling of Gold.

According to MMTC- PAMP, Indians bought the maximum gold in the world.
Gold for many people is a high ticket item as 1 g of gold costs around Rs. 3000. As a transition to Paytm payments bank in the near future, the company calls this a move towards promoting wealth management on the app. The users have the option to buy up to Rs. 20, 000 worth of gold, without KYC on the app for which they can use the wallet. Any individual can buy gold on the platform but Paytm will not be used as a trading platform. As 50,000 plus users on Paytm have provided their KYC details, they can buy as much gold as they want. 65% persons on the platform digitally decided to store the gold that they had bought on the platform, during the pilot phase of this feature.

The total gold price that the consumers have to pay includes VAT and the current best market price.
Vijay Shekhar Sharma, Founder & CEO, Paytm said at the launch,"You can buy or sell gold for as low as Rs. 1. In a pilot with some users, we already sold 10 kgs. You can get gold delivered as you accumulate 1 gm or save it digitally on Paytm."

Calling this a move towards democratizing gold and saving by enabling digitally secure and safe gold in a fully insured vault, they're selling only the highest quality gold which is 24k 999.9 Purity.
How does it work
You can buy gold according to your spending capability and you can maintain your gold balance online. The gold is available real-time and has global market-linked prices which fluctuates every 2 mins.

The company assured that customers will be paying less money overall even with the digital gold delivered to their homes including charges like Making charges, Delivery charges and tax compared to the physical gold store price.

Calling it the Indian way of saving through our favorite metal- Gold, the company said that they hope to enable Gold Loans on the platform in the future after the launch of this feature.