Gold worth Rs 120 crore transacted within 6 months: Paytm

NEW DELHI: Mobile wallet company Paytm on Wednesday said gold worth Rs 120 crore has been transacted within six months of launch of sales on its platform and the number of buyers crossed one million mark on the Dhanteras day.

The company said it witnessed 12 per cent surge in gold sales on Dhanteras, which was celebrated yesterday across the country. It is an auspicious day to buy gold, silver and other metals.

"More than 60 per cent of Paytm Gold sales were from smaller cities and towns, with southern and eastern states like Tamil Nadu, Maharashtra, Karnataka, Andhra Pradesh, Jharkhand and West Bengal registering the maximum demand," Paytm said in a statement.

A landmark of over a million customers transacted the yellow metal worth Rs 120 crore on its platform within six months of launch, it noted.

A majority of the customers purchased gold worth up to Rs 500, while more than 70 per cent customers were millennials - pointing at an increasing trend of consumers choosing Paytm Gold as the preferred method for long-term savings, it said.

"Gold gives us an extraordinary opportunity to create a wealth solution that is trusted and used by consumers across every nook and corner of the country," Paytm senior vice president Nitin Misra said.

Paytm partnered with India's only internationally accredited refinery MMTC-PAMP to launch Paytm Gold on its platform. This will allow customers to buy 24 carat 999.9 pure gold online and store it in the MMTC-PAMP's most secure, 100 per cent insured lockers at no additional charge.

Customers can also request this gold to be delivered at their homes in the form of minted coins or sell it back online to MMTC-PAMP at transparent market-linked prices.