Bengaluru, July 21: It is obvious for all of us, that when it comes to buying gold… we think twice, thrice or more than 10 times! Gold! Expensive! Better will wait to fall down the rates of Gold! Etc. Wait! There is good news. Online wallet company Paytm has introduced the feature of availing cashback in the form of Paytm Gold.
Yes, you read it right! Paytm announced that it will now enable customers to get their cashback into their Paytm Gold account. Paytm Gold, a product you can buy, store and sell pure gold in an instant. It also allows users to buy gold for as less as Re 1.
Paytm had partnered gold refiner, MMTC-PAMP to allow consumers to buy gold for as low as Re 1. Paytm wallet holders could purchase 24K 999.9 purity gold online and store it in MMTC-PAMP secure vaults free.
Here’s is how the cashback works?
On buying certain products on the Paytm platform, including bus tickets, movie tickets or recharges, a consumer gets a promo code which they can use to get the cashback into their Paytm Gold account instead of their e-wallet. Users can choose to receive their cashback in their Paytm Wallet or as Paytm Gold.
"Now you can save gold for long-term wealth creation irrespective of location or income level. That means, whether you are shopping online, paying utility bills or buying movie/travel tickets, you can earn pure gold kept for free in MMTC-PAMP's secured lockers," said Krishna Hegde, Senior Vice President, Paytm.
"We are bringing access, transparency and integrity to gold purchase. The customers can also now redeem gold in the form of products from select jewellers. It is the lowest denomination of gold being sold worldwide where customers can buy gold for as low as Rs 1," said Mehdi Barkhordar, Chairman at MMTC-PAMP India.
While cashback in gold is an interesting take on creating a product with mass appeal, there are some things that customers need to understand by reading the fine print. And Paytm will not store your gold forever. MMTC-PAMP India will be the custodian of your gold till delivery as per your instructions or up to a period of 5 years from the date of purchase.