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For 3X Growth, Paytm Becomes Redeemable at Stores

According to the firms, within two years of its launch, Paytm Gold has become the country's largest platform for savings in digital gold

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Paytm
The company is aiming for three times growth with the sale of Paytm Gold during the festive season. Pixabay

Digital payments player Paytm on Wednesday announced its digital gold platform — ‘Paytm Gold’ is now redeemable at jewellery stores across the country as part of Paytm Mall’s ‘O2O’ strategy.

The company is aiming for three times growth with the sale of Paytm Gold during the festive season.

The facility is now live in 100+ stores and the plan is to add another 250 stores in the next 20 days.

“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 jewellery stores. Going forward, we will continue expanding our partnerships and offerings to make savings in Paytm Gold a habit,” Narendra Yadav, Vice President at Paytm, said in a statement.

The company, owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold.

Buyers will receive upto 5 per cent ‘goldback’ as part of inaugural offer on the transactions done using Paytm Gold.

According to the firms, within two years of its launch, Paytm Gold has become the country’s largest platform for savings in digital gold.

It is a unique wealth management offering that enables every Indian to buy, store and sell the world’s highest quality of gold for as low as Re 1 from its partnered sellers.

“Till now, 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 per cent share. Paytm Gold offers free insured lockers, real-time market-linked prices, delivery across 25,000 PIN codes, ‘Gold Savings Plan’ and ‘Gold Gifting’,” the company added.

Pixabay
Paytm owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold. Pixabay

The tier 2 and tier 3 cities in India have contributed to a staggering 70 per cent of the total sales and the company expects this trend to increase during the run-up to the upcoming festive season.

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“Millennials 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 Yadav. (IANS)

Next Story

Social Media Giant Facebook Rolls Out Meme-Making App ‘Whale’

Facebook has quietly rolled out a meme-making app called 'Whale' on the Canadian App Store

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Facebook
Facebook quietly launched meme-making app Whale. Pixabay

Social media giant Facebook has quietly rolled out a meme-making app called ‘Whale’ on the Canadian App Store that may come to other markets including in India later.

The app’s listing confirms that it has been developed by Facebook’s New Product Experimentation (NPE) team, which was set up earlier this year to develop new experimental apps for the social networking platform that has over 2.6 billion users globally.

‘Whale’ is the latest app from NPE, after music app ‘AUX’ and chat app ‘Bump’, reports The Information.

According to Facebook, these apps are intended to help the company discover new features and services that people like.

Facebook- Whale
According to Facebook, these apps are intended to help the company discover new features. Pixabay

Facebook is slowly launching apps in new genres beyond chats to woo more users and open new avenues to make money.

Facebook-owned Instagram has also launched a new video-music remix feature called “Reels” to take on Chinese short video making app TikTok.

Also Read-TikTok Owner ByteDance To Launch Its Own Music Streaming Service

“Just like TikTok, users can soundtrack their ‘Reels’ with a huge catalog of music, or borrow the audio from anyone else’s video to create a remix of their meme or joke.

Rolled out in the Brazilian market first, “Reels” will be available on both iOS and Android. (IANS)