Mobile wallet company Paytm will now offer consumers the option of receiving 'digital gold' as cashback on their transactions.
This will combine the spending and saving experience with an asset that is close to the hearts of Indians, Paytm said in a statement.
Earlier this year, Paytm had partnered gold refiner, MMTC-PAMP to allow consumers to buy gold for as low as Re 1. Under the partnership, Paytm wallet holders could purchase 24K 999.9 purity gold online and store it in MMTC-PAMP's secure vaults free of charge.
Paytm, in an emailed response, said "users can choose to receive their cashback in their Paytm Wallet or as Paytm Gold".
"The company aims to encourage the habit of saving each time they spend, thus achieving long-term wealth creation for its users. Accumulated gold can be delivered or sold back to MMTC PAMP instantly," it added.
Customers will receive the option to opt for a special promo code which will enable them to convert their cashback into Paytm Gold, it said.
Paytm pointed out that it has registered a trend over the last couple of months of customers increasing converting their cashback into Paytm Gold for long term savings.
"To encourage this trend further, we are introducing cashback as Paytm Gold... Whether you are shopping online, paying utility bills or buying movie/travel tickets (through Paytm), you can earn pure gold kept for free in MMTC-PAMP's secured lockers," Paytm Senior Vice President Krishna Hegde said.
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