Digital payments platform TMW launches tmwGold to facilitate digital purchase of yellow metal

Mumbai-based fintech company The Mobile Wallet (TMW) has launched tmwGold in collaboration with SafeGold to buy and sell gold digitally.

It will allow customers to buy or sell 24 K gold (999.9% purity) digitally on the platform starting from as low as Re 1.

"People can buy tmwGold for as low as Re.1 on a daily basis and in this way, they can accumulate wealth in the long term. The investor is free to choose the amount and frequency of investment. Unlike ETFs, there is no lock-in period or investment obligation at regular intervals," the company said in a statement.

Consumers get a gold certificate on every purchase and the gold gets stored in a virtual vault. Consumers then have the flexibility of converting TMW  reward points into gold.

They can store the gold for up to 5 years, without any additional storage fee.

“Indians are the biggest consumers of gold in the world. Traditionally gold has been amongst the most preferred investment option in India for a variety of reasons. At tmw, our motto is to offer convenience to our consumers as far as investment in gold is concerned. In fact, there is a huge potential among the Indian households that are ready to make a small contribution towards long-term wealth creation. With tmwGold, our customers can buy and sell gold of global quality standard at market-linked prices immediately," said Vinay Kalantri, founder and Managing Director, tmw.