Mobile wallet company Paytm is seriously trying to revolutionize the way consumers receive cash back for their transactions, by giving them the option to earn ‘digital gold’!
According to Economic Times, the company teamed up with a gold refiner, MMTC-PAMP, in order to allow its customers in India to buy actual gold for as low as Rs 1. To be more specific, Paytm wallet holders, instead of receiving the usual rewards on cash back credit cards, could purchase 24K 999.9 purity gold online and eventually keep it in MMTC-PAMP’s secure vaults, with no additional fee.
But this is not all, since the entire program is way more complex than you can think and it actually offers the possibility of racking up a pretty nice gold deposit.
Cash back, products or store your gold, it’s all up to you!
While buying certain products on the Paytm platform, customers will also receive cash back rewards, alongside a special promo code. The later will allow them to convert the rewards into Paytm Gold, which will be added to their account.
Gold has always been a serious, long-time investment and Paytm noticed the presence and development of a trend over the last few months among customers. Specifically, more and more of them decide to convert their cashback into Paytm Gold, for long term savings.
“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,” the refiner said, in an official statement.
The quantity of gold keeps growing…
Since the program’s debut, back in April, the e-wallet company managed to sell over 175 kg of gold on its platform, most of the transactions being registered in Bengal and Calcutta.
Currently, India is one of the biggest consumers of gold in the world, after China, with a lot of people banking the metal for savings and eventually use it as a hedge against inflation.
