Paytm register 2x growth in Gold selling business
13 Nov, 2020
Buying gold is always a cumbersome task given the reason that finding pure gold is difficult, a lot of paperwork to buy gold, and later on, selling is also difficult. So, to remove all these burdens, Paytm from its app has given the option of buying gold digitally. And you will be surprised to know that Paytm has sold close to 5000 Kg of gold from its application in the last 6 months. If we take the average price of 45000 per share, the worth of transactions in the last 6 months is ~2200 Crores. This shows that Indians are very much inclined towards investment in gold and if they get a simple platform like Paytm to invest in gold by sitting at the comfort of home, then there is no stopping for gold.
By looking at the increase of transactions, Paytm has also increased the transaction limit of digital gold to Rs 1 crore and expects the current momentum of high growth to continue. Diwali and Dhanteras are considered quite auspicious in India to buy gold and that is the added reason for the spurt in the sale of gold via the Paytm app.
Paytm Money CEO Varun Sridhar said, “As the pandemic continues, Paytm's digital gold has generated massive interest from Indians who want to continue buying gold for the purpose of investment, personal use, and gifting during these uncertain times, but have been restricted from going out to buy gold or meet friends and family.”
How to buy gold via Paytm App?
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