Have you ever thought of a day when you will buy and sell gold digitally?? Well, it’s not a dream anymore. On Akshay Tritiya Paytm had launched Paytm Gold pilot, their Digital Gold and Wealth Management platform where Paytm users could buy gold through their app.
Welcome to the world of Digital Gold!
GOLD is not just a yellow metal for Indians. It’s a very common saving method among middle-class families. Almost every Indian family own some amount of gold as their future savings. We usually buy gold from merchants who don’t even care what the market price is and we are forced to pay what they ask us to. Next, comes the storage issues. You have to find a trustworthy locker and then pay for it. Even when you store it in a locker there is no guarantee that it won’t get robbed. More over when you want to sell it you have to bear a big loss. Merchants won’t pay you the real price. That’s where Paytm comes into the picture.
What Paytm does for you?
Paytm gold is the first online wealth management product which primarily aims at buying, selling and storing gold easily.
You can buy gold on the Paytm Gold platform and store your gold in your own locker for free or you can redeem accumulated gold in the form of gold coins/minted products.You can buy or sell the gold in terms of fractions also like 0.1 gm or in Rupees, for example, Re.1 or Re. 2 etc. You are allowed to Buy or Sell the Gold 24 *7, 365 days a year, including public and bank holidays.
All the customers will get access to live market price of Gold and have the option to sell back their accumulated gold online. This product does not act like collective investment scheme (like Mutual Funds or other Gold Schemes). You don’t get any interest from this scheme. Your profit or loss depends only on the decrease or increase from your purchased gold rate.
Paytm Gold will allow customers to buy 24.999K gold at the Live Market price on their platform starting at Re. 1. What do you get for Rs.1 in the market other than a candy? So don’t you think Paytm Gold really DOES something!!!
How Paytm Digital Gold works?
Buying Paytm Gold:
You can buy gold at the rate displayed on the Paytm platform in either Rupees or grams using Paytm wallet, Debit/Credit cards, Net Banking, ATM Card, Or any other mode of payment available on their platform.
Selling your Paytm Gold:
There are two options for selling your gold. Either redeem the gold as cash or in terms of gold coins/minted products.
For selling Gold as cash, you can sell in either Rupees or Gram. For example, you can offer to sell either 0.1 gram or Re 1 and above. You must share your Bank account number and IFSC code to enable the transaction. After paying the convenience fee, the amount will be credited to your bank account while the Gold balance in your Gold account will be debited.
For selling Gold as gold coins/minted products, you can select the quantity and denomination of the gold you wish to withdraw from the available options of coins on the Paytm platform. Each coin will have different making charges, based on the weight and design of the coin and in addition you have to pay the making and delivery charges. Your gold will be delivered to the provided address by a logistics provider arranged by Paytm.
How Paytm Digital Gold stored?
MMTC-PAMP is the custodian of your accumulated Gold, right from the point you buy Gold in GAP on Paytm. At no point the ownership of your accumulated Gold transfers to either Paytm or MMTC-PAMP. They store it in the country’s most secure and 100 percent insured vaults with no additional charge. The vault is fully insured. You can buy and store your gold for a period of 5 years from the date of purchase. Once this duration is completed, it is mandatory to sell or withdraw your gold. If you redeem your gold after the Custody Period of five years, additional charges, as applicable at that time will be levied. In the case of multiple purchases on different dates, you can keep your gold for 5 years from the date of purchase for each specific transaction.
That’s ALL ABOUT PAYTM GOLD and rest is up to you… Decide what to pick up digital or non-digital GOLD. Either way, it’s obvious that you have to pick up gold as we are Indians!!!!!