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Paytm offer cashback as gold
Posted on: 21/Jul/2017 4:18:59 PM
Understanding the huge fond for gold in India, Paytm has come up with a cashback offer in the form of gold. The company began with digital gold business 2 months back in partnership with MMTCPAMP. It observed substantial number of users buying gold using its app with their cashback. With this, Paytm has decided to opt for gold as cashback. MMTCPAMP is a joint venture formed between metals and minerals trading corporation of India and PAMP in Switzerland.
So far, about 175 kg of gold is sold since the time the business was launched. Its also in talks with jewelers spread all over the country for enabling customers to make use of this gold for making jewelry. This gold business started by Paytm is an anchor project for its extensive plan to build wealth management business.
By making each and every transaction on Paytm, you will have two options which are cashback and gold. Since last month, we observe substantial increase in business growth, said Krishna Hegde, SVP, Paytm. We are in the process of partnering with jewelry shops. It may take quite some time for the option to get rolled out. Instead of selling or requesting for delivery of gold, almost 60 percent customers choose to buy or accumulate it in their account, the company said.
