Paytm cash back was a very popular concept that took the startup to great strengths. Now, the e-tailer is bringing another twist to the concept. Paytm is now offering to their shoppers to convert their cash backs to gold.
The company declared this on their official blog. If users want they will be able to turn their savings into gold or Paytm Gold. When a purchase is made, a unique promo code will be sent to the buyer. This will turn the cash to gold (although not literally).
Paytm mentioned that more than 60% of their users were accumulating gold instead of selling or requesting delivery. The company entered the wealth management sector with Paytm Gold in three months earlier and allowed users to buy gold for as little as Re. 1. The online payment service shook hands with MMTC-PAMP to bring the new service to its users. The gold purchased can be stocked in MMTC-PAMP lockers free of cost.
According to Krishna Hegde, Vice President Paytm said, “This will transform the way the Indian consumer saves.”