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<keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> has sold over 175 kg <keyword id="18712" type="ENTERTAINMENT" weightage="100" keywordseo="Gold">gold</keyword> on its platform since the launch of the service in April when it had launched the product during the occasion of Akshaye Tritiya.<br /><br /> The precious metal processing facility MMTC-PAMP has partnered with the e-wallet company to allow consumers to buy gold for as low as Re 1, online. Consumers can purchase 24K 999.9 purity gold online and store it in vaults of MMTC-PAMP for no extra cost.<br /><br /> India is the largest consumer of gold after China, with many using it for savings as a hedge against <keyword id="22195" type="COMPANY" weightage="40" keywordseo="Inflation">inflation</keyword> besides that, it is considered an auspicious gift during many festivals in the country. <div type="embedgroup"> <div type="Article" hostid="261" msid="59807093" title="Here’s how Tech Mahindra is using start-ups to ensure retention of their best IT employees" rank="1.0" kind="RELATED" publishDate="Jul 28, 2017, 3:02 PM" mstype="2" mssubtype="0"></div>&gt;</div>








<strong>Catching them young <br /><br /></strong> <keyword id="202300" type="PERSON" weightage="20" keywordseo="Krishna-Hegde">Krishna Hegde</keyword>, senior vice-president, Paytm, told Business Insider that people in the 25-35 age group are increasingly buying gold which is seen as an asset for an older demographic. <br /><br /> The company is hoping to sell 5 tonnes in the current fiscal, worth over Rs 1,300 crore at current prices. Hedge also said that the higher tax implementation hasn’t deterred users and the company sees the service grow tremendously every month.<br /><br /> Customers can buy as much gold as they want on the platform but Paytm has made it mandatory for users to provide KYC documents for transactions of Rs 20,000 and above and PAN card for over Rs 50,000 worth of Gold.

    

    

    

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<strong>Making jewelry out of a digital asset<br /><br /></strong> "The highest traction surprisingly hasn’t just come from the cities with the state of <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword> accounting for more than 30% of the total sales. ," Hegde said.<br /> In the future, Paytm customers will be able to find jewellers near them where they can convert the digital gold into jewellery instantly by paying the making charge.<br /><br /> While the company gives an option to get gold delivered to households after paying coin making charges and delivery charges, over 60% of the buyers currently have chosen to keep it online.<br />

    

    

    

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<strong>Monthly/Weekly/Daily savings <br /><br /></strong>Hegde says that the customers are slowly embracing this trend by buying more gold on the platform but one customer has been buying gold worth Rs. 11 everyday since the launch.<br /><br /> While some customers chose to invest in gold by buying 1 gm. Every month, some customers have even bought gold worth Rs. 20 lakhs.<br /><br /> Paytm also recently started rolling out optional cashback in gold which has been embraced by customers who previously tried out the app just for its cashback and convenience. Categories like movies, recharges and bill payments have already been activated with this feature.<br /><br /> With disposable incomes increasing, and more people coming online the gold rush isn’t looking to stop anytime soon on Paytm.

A Paytm customer buys gold online everyday for Rs. 11 adding to the company’s gold streak

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<br />
 <br /> There is a new industry that is rising with the motive of making banking easier for customers, and to top it all, it’s still away from regulators. The financial technology sector, or <keyword id="2461546" type="UNKNOWN" weightage="100" keywordseo="FinTech">fintech</keyword> as it is christened by users, is attracting talented individuals from all the industries.<br />
 <br />
It was last week that Flipkart hired for two high-profile jobs in the fintech business, following Paytm, which had roped in PwC's <a href="http://www.businessinsider.in/Shinjini-Kumar-to-head-Paytm-payments-bank/articleshow/51056601.cms">Shinjini Kumar</a> to be the CEO of its <a href="http://www.businessinsider.in/IT-giants-like-Infosys-TCS-want-to-pull-off-a-deal-worth-Rs-125-crore-with-Paytm-for-its-payments-bank/articleshow/51102984.cms">payments bank</a> that is yet to be launched. Not only this, Krishna Hegde, Barclays’ top executive, and Vipin Surelia, former DGM at RBI, were also hired.<br />
 <br />
Fintech, the umbrella term, covers technology-based companies operating in insurance, payment, and asset management, etc. It is already transforming banking business, challenging mammoth banks, which is why headhunters are observing talents moving towards it.<br />
 <br />
"Finance technology is a booming segment in India with the opening of numerous mobile wallet companies, non-banking financing companies and now payments banks - all running on robust digital platforms," said AG Rao, group managing director of ManpowerGroup India. Being relatively new, the segment is already generating a lot of new jobs, with most of them clustered around mobile, user experience and financial analysis.<br />
 <br />
More than 117 million Indians use smartphones and over 160 million of us are connected to the Internet, which is why a large number of companies are coming up with products that can assist their customers. Financial sector is not far behind in this, as technology is developing at a rate alarming for traditional banking.<br />
 <br /> These low-cost, high-tech technology models deal with low-value, high-volume financial customers, which is why companies like <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">Mobikwik</keyword>, <keyword id="2461194" type="UNKNOWN" weightage="100" keywordseo="Capital-Float">Capital Float</keyword>, <keyword id="1745661" type="UNKNOWN" weightage="100" keywordseo="Mswipe">MSwipe</keyword>, <keyword id="6580234" type="UNKNOWN" weightage="100" keywordseo="CITRUS-PAY">Citrus Pay</keyword> and <keyword id="6519244" type="UNKNOWN" weightage="100" keywordseo="Ezetap">Ezetap</keyword> have raised more than $150 million in India.<br />
 <br />
"Considering this is a newly evolved industry, it will see at least a 20% increase in hiring due to new e-wallets and payments banks. It will be due to large scale of business (ecommerce) and financials going online," Ajay Shah, assistant vice president at Teamlease Services, told ET.<br />
 <br />
Talking about the future of fintech in India, it is as of now synonymous with just payment technology; however, globally speaking, there are 11 lending fintech unicorns. Nonetheless, the sector is expected to spread its wings in India, covering hitherto untapped areas such as lending and personal finance.<br />
<br />
<a href="http://hollandfintech.com/wp-content/uploads/2015/04/fintech-apps.jpg"><em>Image source</em></a><br />

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A Paytm customer buys gold online everyday for Rs. 11 adding to the company’s gold streak

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