Paytm has been witnessing a shift in consumer behavior as an increasing number of customers are choosing to save in Paytm Gold as opposed to traditional buying. As customers purchase gold during auspicious occasions, the company is expecting 5X growth in Gold sale during the upcoming Dhanteras and Diwali.
To further increase its market share in the gold retail industry, Paytm has launched the ‘Diwali Gold Sale’ wherein Customers will receive 3% extra gold (up to Rs. 4,444) on a minimum purchase of Rs. 10,000. The company is also set to invest 10 Cr in marketing to reach customers in small cities and educate them about the flexibility, security and transparency of buying gold on its platform.
Since launch, more than 95% Paytm Gold customers have been accumulating gold as a part of their long-term savings and the company expects this trend to increase during the run up to the upcoming festive season. Since Paytm has expanded its service to over 17,000 pincodes, this has triggered massive adoption in smaller cities and towns as well. The company has been registering an increase in sales post RBI’s regulations around non-requirement of KYC for gold purchases lower than Rs. 50,000.
Nitin Misra, Snr. Vice President – Paytm said, “India loves gold and during festivals like Dhanteras, this love manifests itself more than ever as millions of our fellow country purchase gold. We are witnessing an initial surge in demand for Paytm Gold and expect this to grow further during Dhanteras and Diwali. Our festive offer is geared towards introducing this new method of long-term savings to a larger audience and add more value to their festive gold buying experience.”
