Digital payments leader Paytm on Wednesday announced that Paytm Gold is now redeemable at the leading jewellery stores across the country as part of Paytm Mall’s overall O2O strategy. The company has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to enable its users to purchase jewellery by redeeming their accumulated gold.
Customers will receive upto 5% goldback as part of inaugural offer on the transactions done using Paytm Gold. This facility is now live in 100+ stores and the plan is to add another 250 stores in the next 20 days. Paytm is aiming for 3x growth in the sale of Paytm Gold during the festive season while also expanding the overall industry size of digital gold in India.
Within two years of launch more than 30 million customers have transacted more than 4.2 tons of Paytm Gold. The platform leads the digital gold market with a 70% share. The company is also engaging with other leading jewellery chains to offer this service in all major cities and towns. Paytm Gold offers free insured lockers, real-time market-linked prices, delivery across 25,000 PIN codes, Gold Savings Plan and Gold Gifting.
Narendra Yadav, Vice President at Paytm said, “We are overwhelmed with the growth we have witnessed in the last 2 years. Our partnership with leading jewellers is an important landmark as our customers can now conveniently redeem their gold savings at nearby jewelry stores. Going forward, we will continue expanding our partnerships and offerings to make savings in Paytm Gold a habit.”
The tier 2 and tier 3 cities have contributed to a staggering 70% of the total sales and the company expects this trend to increase during the run-up to the upcoming festive season. “Millennials, young working professionals and housewives are leading the surge in demand for Paytm Gold. As per our customers’ feedback, they prefer saving in Paytm Gold for their long-term wealth creation which can be later used during celebrations and emergencies as well,” added Narendra.