Mobile wallet giant Paytm will now offer digital gold cashback for its customers on their transactions. This Paytm gold cashback will go live across 16,000 pin codes and enables customers to take advantage of Paytm Gold. The company believes that this move will be a combo of spending and save with gold which Indians consider it as an asset.
Paytm had partnered with gold refiner MMTC-PAMP earlier this year to allow consumers to buy gold for as low as Re 1. Recently, Paytm has also introduced free locker facility for its customers to store digital gold. The partnership with MMTC-PAMP provides customers to buy 24K 999.9 purity gold online.
“Users can choose to get their cash back in their Paytm Wallet or as Paytm Gold,” says, Paytm. “The company aims to encourage the habit of saving each time they spend, thus achieving long-term wealth creation for its users. Accumulated gold can be delivered or sold back to MMTC PAMP instantly,” it added.
Customers will have an option to convert their cash back into Paytm Gold by a special promo code. Interestingly, Paytm has found that customers are more likely opting the digital gold cash back considering Paytm gold for long term savings.
“To encourage this trend further, we are introducing cashback as Paytm Gold… whether you are shopping online, paying utility bills or buying movie/travel tickets (through Paytm), you can earn pure gold kept for free in MMTC-PAMP’s secured lockers,” says, Krishna Hegde, Paytm Senior Vice President.