Digital payments company Paytm has announced the launch of two news services—Gold Savings and Gold Gifting—as part of its wealth management offering, Paytm Gold. The Gold Savings Plan will allow customers to regularly save in gold as per their budget (no minimum amount) and requirement. They can choose the duration, frequency and amount of gold they want to save. The customer's gold will be stored in MMTC-PAMP's insured lockers. MMTC is a public sector trading enterprise, and PAMP SA is a Swiss company and a bullion brand. A blog post by the company points out that customers can get delivery of this gold anytime, but doesn't go into details of minimum requirements. Originally, if Paytm Gold consumers wanted delivery of gold, there was a minimum purchase requirement of 1 gram and an additional delivery cost. It isn't clear if this requirement has changed. Users can purchase gold in smaller denominations as an investment, and have it kept with MMTC-PAMP as gold balance. The virtual gold is backed by physical gold, the company had said. The gold can be sold back to MMTC-PAMP, based on the market price. With the Gold Gifting Plan, customers can now send gold to each other instantly. The company said that more than 60% of Paytm Gold purchases are from tier two and three cities with millennials constituting the majority of buyers. During its launch in April last year the company had said that more than 232 million households in India own gold and 50% of rural India saves…
