Paytm has recorded a 2-fold increase in digital gold transactions during the last six months. In view of this, the company has given a Diwali gift to its users. The company has launched its high-value transaction product feature, in which users will be able to buy up to Rs 1 crore of Paytm gold on the Paytm app. Till now it was possible for the user to buy only gold worth up to Rs 2 lakh in a single transaction. With this change, users can buy more quantity of gold in a completely intuitive and transparent way.
Paytm has said in the statement that since the beginning of this financial year, the number of new users has increased by 50% and the average order value of Digital Gold has increased by 60%. With this, the total transaction volume in digital gold on the platform has crossed the 5000 kg milestone. The company has now extended Paytm Gold Services to the Paytm Money platform as well. That is, now users can buy and sell digital gold on either platform of Paytm app or Paytm Money app.
7.3 million people bought Paytm gold so far
Paytm has registered a steady increase in the number of customers and so far over 7.3 crore people have purchased Paytm Gold on its platform. About 40% of these buyers are from small cities and towns, indicating that people across the country are now considering digital gold as a serious investment option. This is further confirmed by the fact that this year’s Akshaya Tritiya has recorded sales of 2.5 times as compared to the previous year.
Digital gold will remain in trend even after the epidemic ends
Paytm Money CEO Varun Sridhar says that now that the epidemic continues, Paytm’s Digital Gold has generated good interest among Indians who want to buy gold for personal use and gifting during this uncertain time, for investment purposes. Are, but cannot go out to buy gold. We believe that this trend will continue even after the end of the epidemic because ease of buying or gifting digital gold and its value are known as prime commodities.
Keeping in mind its credibility as an integrated investment platform, Paytm Money will now also allow users to buy and sell gold, so that they can further control their investment plans. Digital gold gives citizens the right to purchase in the amount of their choice, no matter how small the amount. We have big plans for this product and can be promoted for digital gold in the near future.