Mobile Wallets Are Used For Other Purposes Apart From Payments

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Paytm, the mobile wallet company, which had rolled out Digital Gold on April 27, 2017, is looking a 100% growth on month-on-month basis in terms of volume in the trades on its platform. The company that tied up with government-encouraged MMTCPAMP to trade 24 Karat 999.9 gold via its wallet is witnessing a lot of attention for this between the youths.

“A bulk of Digital Gold users is within the age range from 25 to 35. Young adults are magnetized to it due to the low ticket price and flexibility it offers,” said Senior Vice President of Paytm, Krishna Hegde.

Mobile Wallets Are Used For Other Purposes Apart From Payments

Users can purchase gold even for as low as 1 gm via the Paytm wallet, which will be apprehended in completely secured and insured vaults of MMTCPAMP. The firm also smoothens the progress of shipping the physical gold weighing up over 1 gm to the user’s address.

The company has vended almost 100 kg of digital gold via its wallet app since its roll out on the occasion of Akshay Tritiya in 2017.

While smartphone-based wallet apps are majorly employed by users for payment, Paytm, which is making an effort to place itself as an economic stopover for the youths in India, expects to extent its usability via such investment propositions.

The 400 Million young population of the country makes up for 61% of the country’s Internet base, and they might be utilizing Digital Gold as an investments choice due to the security, convenience, and the magnetizing pricing, claimed Hegde. The company has a consumer base of 225 Million. Goods such as these permit users to invest bigger sum of money in their wallets and elevate user stickiness, which is an essential factor for their banking industry.

“Products such as Digital Gold improve the stickiness percentage of a platform, which turns out into advanced repeat consumers. This is an outcome of the high user trust. Over a period of time, we witness that this huge traffic also hugs other newly rolled out financial services and products,” said Hedge.

For now, one thing is for sure that Paytm is going to have a great time in future.

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