Gold & Silver

Digital gold transactions have doubled in past six months, says Paytm

Our Bureau Mumbai | Updated on November 12, 2020

Paytm has witnessed a significant increase in digital gold transactions on its platform in the last six months, the company announced on Thursday.

The platform has witnessed a 2X increase in digital gold transactions in the last six months. Over 75 million customers have transacted 5,000 kg of gold on the platform so far, Paytm said.

Almost 40 per cent of digital gold buyers are from the smaller cities and towns.

New users transacting gold on the platform have increased by 50 per cent, while the order value has increased by 60 per cent.

Ahead of the festive season, sale of digital gold has increased by 2.5 times that in the last year, Paytm said.

The company has now extended Paytm Gold services to the Paytm Money platform. Users can buy and sell digital gold on either of the platforms. The platform has also announced the launch of a high-value transaction product feature which enables users to purchase Paytm Gold worth up to Rs 1 crore in one go on the app. Previously, users could buy gold worth up to Rs 2 lakh in a single transaction.

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"As the pandemic continues, Paytm's digital gold has generated massive interest from Indians who want to continue buying gold for the purpose of investment, personal use and gifting during these uncertain times, but have been restricted from going out to buy gold or meet friends and family,” Varun Sridhar, CEO - Paytm Money said.

“We are confident this trend will accelerate in the future, even after the pandemic ends, simply because the ease and accessibility of gifting digital gold is unmatched and its value as a prime commodity is now widely recognised,” Sridhar said.

“We have big plans for this product and major offers and promotion for digital gold may be unveiled in the near future," he added.

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Published on November 12, 2020

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