There’s a new addition to Paytm’s ever-growing commerce portfolio and the latest addition being gold coins. You can now buy gold and accumulate that to your Paytm Digital Gold vaults and choose to withdraw as gold coins or bars anytime post 24 hours of purchase.
It is important to note that Paytm isn’t the manufacturer and only acts as a platform for buyers to buy gold. They have teamed up with MMTC-PAMP, enabling the latter to sell gold products on the Paytm website and Paytm mobile apps.
Steps: The customer can visit the Digital Gold store on Paytm and choose the quantity of gold to purchase. The price and the tax involved for the transaction would be shown right there. Check gold coin delivery option at your pincode and complete the transaction. Make credit and debit card payments, internet banking or other available options. Paytm wallet can be used too.
If the delivery options are not available for your pincode, you can choose to get those collected at your nearest MMTC-PAMP offices.
Fee apply for making and delivery. The charges are not mentioned on the Paytm website though.
Note: The prices shown are updated frequently. The prices you see stay live only for 4 minutes from the time of display.
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The cashback will be added to your Paytm wallet. The Paytm wallet money doesn’t expire. You can use the Paytm wallet money any time to recharge, make bill payments and shop online on sites like BookMyShow, Jabong, eBay and more.
How is the cashback value calculated?: There is no proper information on how the cashback value is calculated for the purchase. There seems to be no cashback limit though. For instance, we noticed Rs 31 cashback for 1gm purchase and Rs 971 cashback for 10gm purchase.
Paytm claims that the gold delivered are of 999.9 purity level and be delivered right from the MMTC-PAMP units, in proper sealed packages.
Withdraw in 5 years: The gold has to be withdrawn from the Digital Gold vaults in 5 years, post which it will be deemed expired and cannot be claimed.
MMTC-PAMP is a joint venture between the Government of India and PAMP, a Switzerland-based bullion and precious metals referee. MMTC-PAMP is accredited with LBMA rights.