The Paytm Gold is getting popular gradually. People are trying this digital gold because of the cashback and offers. The gold even for Rs 1 is also attracting towards the Paytm Gold. Till October 2017 one million buyers have purchased the Paytm Gold. The Paytm could sell gold of ₹120 crore.
In India, people love to invest money in gold. Gold has been a preferred mode of investment since ancient times. Though the love for gold is declining, it still commands the trust of millions. Many people still buy gold as an investment. Hence, Paytm, the largest mobile wallet company in India, has jumped into the gold business. It has started selling Digital Gold through its platform. The company has partnered with MMTC-PAMP India Pvt. Ltd. for it. The best thing about this gold is that it is 999.9% pure i.e. 24 karats. Here you should know that most of the gold jewelry you buy is 22 karats pure.
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Now, you as a buyer may have some questions regarding Paytm Digital Gold. Hence, I am going to tell you everything you should know about it in this post. I will also tell you how to buy, sell and request physical gold from Paytm.
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What is Paytm Digital Gold
Paytm digital gold is the gold you can buy digitally from Paytm platform. Paytm started selling digital gold from April 2015. You can buy this gold from Paytm for as low as ₹1. Or if you want to buy in grams then you can buy 0.0001 gram or above. Paytm digital gold is available to buy at live Indian prices of 24 karats gold. Hence, you do not need to worry about prices.
Here you should note that Paytm is not the seller of the digital gold. It is only providing the platform to buy digital gold. The seller of the digital gold is MMTC-PAMP India Pvt. Ltd. Paytm has partnered with it to sell digital gold. MMTC-PAMP is a joint venture of two companies MMTC Limited (India) and PAMP (Switzerland). MMTC Limited is a gold and silver refinery undertaken by the Indian government. It is the only London Bullion Market Association (LBMA) Good Delivery accredited refinery in India. Where PAMP is the global leader of refining bullion and global referee of precious metals.
You become the owner of the gold when you buy. But, you will not get it until you request it. MMTC-PAMP will put your gold in physical form under secure vaults. The company has insured these vaults for all mishappenings. Paytm digital gold scheme also gives you the option to sell your gold anytime. However, you cannot sell the gold the same day you bought it. The conditions are same as buying digital gold. You can sell either in rupees or grams worth ₹1 and above or 0.0001 grams or above. However, keep in mind that the price of your gold must be above ₹1 when buying or selling in grams.
How to Buy Paytm Digital Gold
Buying Paytm digital gold is as easy as buying any other thing from Paytm. You just need your active Paytm user ID and password for it. For user ID and password, you must register at Paytm. Note that you can only buy Paytm digital gold if Paytm delivers products at your location. To check it, you need to enter your user ID and PIN when buying gold. Below is the stepwise guide for buying Paytm digital gold.
Steps for Paytm App
- Launch Paytm app and log in using your using your mobile number or email and password. If you are already logged in then ignore it.
- Scroll through ‘Recharge and Pay for’ menu to find Gold option and tap on it.
- If you are accessing it for the first time, it may show you an information page. Simply tap on proceed to go to the gold buying and selling menu.
- Here, you will find two tabs, first ‘Buy Gold’ and second ‘Sell/Delivery’. The first tab i.e. ‘Buy Gold’ will be active by default.
- In Buy Gold tab, you will see current gold price and your gold balance at the top. Below that, you will see the input boxes to enter the details.
- Here, select the buying preference from rupees and grams. Then enter the gold quantity, your name and your area pin code. When you enter your pin code, Paytm checks that whether it delivers gold at your location or not. If your pin code is supported, then Proceed button will get activated. Note that you will only be able to buy Paytm Digital Gold if Paytm delivers at your location. Otherwise, you cannot buy Paytm digital gold.
- Tap on Proceed to go to the next step. Here, you will see your name, pin code along with the price/weight of the gold. Now, tap on Proceed to Pay button to pay for your purchase.
- Here, select your payment method and complete payment process to buy Paytm digital gold. You can pay using credit cards, debit cards, ATM cards, net banking and Paytm wallet balance. You can also use Unified Payment Interface (UPI) for the payment.
- After successful payment purchased Paytm digital gold will be added to your gold balance. And you will get a confirmation text message and email.
Steps for Paytm Website
- Visit Paytm.com from your PC, MAC or laptop.
- In the home screen, find the gold option and tap on it to access gold buying and selling menu.
- Here, select whether you want to buy in rupees or grams.
- Now, enter the amount or weight of the gold along with your name and area pin code. Now, Paytm will check for the delivery service for your pin code. If your pin code is supported then click on Proceed button t0 go to the next step.
- You will land on the login page if you are not logged in already. Here, log in using your mobile number/email and password.
- After successful login, tap on the Proceed button again. It will take you to the next page where you will see the weight/price of your gold. Now, tap on Proceed to Pay for making the payment.
- Here, choose your preferred payment method and complete the payment to buy gold. You can pay using credit cards, debit cards, ATM cards, net banking and Paytm wallet balance. You can also use Unified Payment Interface (UPI) for the payment.
- As soon as you complete the payment, the Paytm digital gold will be added to your gold balance. And you will receive confirmation on your phone and email.
How to Sell Paytm Digital Gold
The terms of selling Paytm digital gold are same as buying it. You can sell the gold in rupees or in grams. When selling the gold, the price of the gold must be above ₹1. Also, you must have some gold balance on your Paytm account. Moreover, you have to pay ₹10 as convenience fee when selling the gold. The steps are approximately the same on the Paytm app and website. Below are the steps to sell Paytm digital gold on Paytm.
- Visit the Paytm website from PC or MAC or launch the Paytm app on your phone.
- Log in to Paytm using your registered mobile number/email and password.
- Find Gold option on Recharge and Pay menu and click on it.
- Now, click on the Sell/Delivery option to go to the selling page.
- Here, how much gold you want to sell from your balance. You can either sell in rupees or in grams. Enter the amount if you want to sell in rupees. And enter the weight if you want to sell in grams.
- Click on Proceed button. It will show you the price of the gold if you have chosen to sell in grams. And if you have chosen to sell in rupees then it will show you the weight of the gold.
- Again click on Proceed button. On the next page, enter your bank account details in which you want to get the money. You need to enter account holder’s name, bank account number and IFSC.
- Tap on Proceed button to pay ₹10 as a convenience fee. You can use your Paytm wallet balance or other payment modes available on Paytm to pay this fee. These modes include credit cards, debit cards, net banking, UPI and ATM cards.
- As soon as you complete the payment of convenience fee, the sale of your gold will also complete. You will get the sale amount in your account in some time. Also, you will get the confirmation message in your phone.
Getting Physical Gold against Paytm Digital Gold
You can also get physical gold coins against your Paytm digital gold. MMTC-PAMP is offering these 24 karats pure gold coins on Paytm. For this, you need to have minimum 1 gram gold balance in your Paytm account. Because the company offers the coins starting from 1 gram. You can choose the coins of 1, 2, 5, 10 and 20 grams. Note that you have to pay additional making and delivery charges to get the physical gold coin. The making charges depend on the size of the coin. For example, a 1 gram coin would cost you ₹351 to make and a 20 gram coin would cost ₹781. The delivery charges depend on your location. All you need to do is select the quantity and denomination. And when you pay additional making and delivery charges, the coin will be delivered to you in some days.
Paytm is trying hard to remain numero uno of the Indian digital payment system. Recently it has launched the Paytm payment bank. Ultimately Paytm has integrated the BHIM UPI payment system. With this Paytm users can easily transfer fund to a non-Paytm user.