Digital-payments firm Paytm joins jewellers in India to promote gold

Section:

Paytm Goes Gaga over Gold

By Yuthika Bhargave
The Hindu, Chennai, India
Saturday, July 2, 2017

http://www.thehindu.com/business/Industry/paytm-goes-gaga-over-gold/arti...

Paytm, which has sold more than 100 kilograms of gold on its platform, is in discussions with jewellers across the country to enable buyers to redeem their digital gold in the form of jewellery.

In April this year the digital-payments firm had partnered with MMTC-PAMP to allow consumers to purchase 24-karat 999.9-purity gold on its platform and store it in MMTC-PAMP's secure vaults free of charge. Customers, who could invest one rupee onwards, currently can either sell the gold back online or can get accumulated gold of more than 1 gram delivered to their homes.

... Dispatch continues below ...



ADVERTISEMENT

Newrange Gold Stakes 111 Additional Claims at Its Pamlico Gold Project in Nevada


Company Announcement
Monday, June 26, 2017

VANCOUVER, British Columbia, Canada -- Newrange Gold Corp. (TSX-V: NRG, US: CMBPF) is pleased to report that the company has staked 111 new claims at the company's Pamlico Project in Nevada. The new claims:

-- Add 928 hectares to property.

-- Increase property by 75 percent to 2,165 hectares.

-- Better encompass the dominant gold trends in the area.

-- Cover areas of prospects and mine workings with historic surface samples ranging from 0.5 to 3.0 grams of gold per metric tonne in highly deformed and altered carbonate sediments.

-- Add multiple prospective targets in favorable volcanic rocks known to host high-grade gold mineralization as currently being explored in the Merritt Zone.

-- Provide a significant exploration and operational "buffer" around previous holdings. ...

... For the remainder of the announcement:

http://www.newrangegold.com/i/pdf/NRG_NR_20170626-Final.pdf



"The response has exceeded our expectations. We are in the process of enabling customers to convert this gold into jewellery of their choice at their favourite outlets across India," said Krishna Hegde, senior vice president of Paytm.

He added that this would help Paytm reach out to a "wider set of customers" while also benefiting jeweller partners.

"Paytm customers will be able to find jewellers near them where they can convert Digital Gold into jewellery instantly by paying a making charge," he added.

He said users had been buying gold in a variety of denominations right from 1 rupee to a few lakhs of rupees.

"Some are buying gold worth 11 rupees every day while there are some who are buying 1 gram every week,” he added.

He added that the company is seeing 150 percent month-on-month growth in terms of number of transactions for gold on the platform.

"People in the 25-35 age group are our core buyers for gold, but increasingly we are seeing 50+ users embrace the product," Hedge said, adding that Goa, Karnataka, Himachal Pradesh, Tamil Nadu, Punjab, Haryana, West Bengal, Gujarat, and Chhattisgarh have emerged as the top markets for the product.

On the partnership with jewellers, Rajesh Khosla, managing director at MMTC-PAMP, said once the consumer wants to convert gold holding into jewellery, the gold is transferred from the customer's account to the jeweller's account providing complete flexibility in its redemption.

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16