Paytm will now offer gold as cashback to its customers now. Paytm is betting on India’s love for bling and is in high hopes to sell 5 tonnes of gold this year that values approximate $200 million. Paytm is striving to develop a viable business from its e-wallet platform and is aiming at selling gold worth 200$ million.
Paytm’s cashback now in Gold form
The Alibaba-backed company – Paytm is betting on Indian’s fancy for the yellow metal. Paytm is all set to offer cash back on its platform in the form of gold to its consumers. Paytm initiated its digital gold business approximately two months ago in partnership with MMTCPAMP. This endeavour witnessed a substantial growth as a huge number of its users started opting to buy gold on Paytm’s app using their cashback. The gold in cashback form at Paytm was such a huge success that Paytm decided to enable gold as cashback to its consumers.
Gold on Paytm sells like hotcake
Paytm claims that it has already sold more than 174 kg of gold since it launched this project. Paytm is now negotiating with jewellers across the nook and corner of the country to enable its consumers for using Paytm gold for making jewellery. Paytm started the gold business as an anchor for the broader plan. Paytm now plans to build a wealth management business.
Paytm’s Gold cashback offer
Backed by China’s Alibaba and Japan’s SoftBank Group Paytm is making an attempt to leverage its e-wallet. This step from Paytm will assist Paytm’s consumers to buy and sell gold easily. Paytm will get a cut from each transaction that will be made on its platform. It must be noted that India stands on rank 2 when it comes to the consumption of Gold. China is the world leader as gold consumer. Gold is a popular metal for investment as most of the investors use Gold to build wealth management. Consumers also save money in gold and utilise it for gifting purpose at special occasions or to hedge against inflation. It must be noted that the country imports about 800 tonnes of gold annually.
Source: Times of India