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Published on July 14, 2021
Payworld, a rapidly growing FinTech company in India, has entered an alliance with MMTC-PAMP, a joint venture between the public sector unit MMTC and Switzerland -based PAMP for encouraging digital investment gold services. It will facilitate consumers to invest in digital gold with the Payworld retail network. It will enhance trust among consumers to buy and sell gold digitally through a secure medium provided by Payworld-MMTC PAMP. With this platform, even people with lower-income strata can invest in gold. This move will make Payworld a one-stop solution for digital gold investments with its network of 500,000+ retailers in 700+ districts across the nation. It will also allow consumers to invest in 24K, 999.9 purest digital gold.
The platform has transformed many marginalized areas by providing their utility services. The alliance will encourage consumers to invest unused money for good returns and future prosperity. The key focus of both companies is to ensure product excellence, sustainability, and innovation across the value chain, realizing diversity and inclusion goals.
Commenting on a new venture, Mr. Praveen Dhabhai, COO, Payworld, said, “We are glad about our association with MMTC-PAMP. We believe that this service would develop the habit of saving among consumers for future security. India is one of the largest markets for gold trading and investment, considering the social and cultural ethos attached to it. Hence, Payworld-MMTC-PAMP aims to make it easier for individuals and businesses to start investing in digital gold and fulfil their ritual and investment needs. With us, it is easy to invest in smallest denominations irrespective of income slab.”
“Majorly Indians have faith in traditional gold buying methods. But due to the pandemic, the demand and awareness for digital gold have increased, setting new trends in the market in the coming years. We are glad about this new venture because it will provide access to enter rural-semi-urban markets with a huge Payworld network. Our target customers would be people from medium income and GenZ, who are tech-savvy and solely believe in digital transactions.” MMTC-PAMP, President- Consumer, Anika Agarwal, said about partnering with Payworld.
The MMTC-PAMP had tied up with various fintech platforms and financial advisory services, including Paytm, PhonePay, MotilalOswal Securities, PhonePe, GPay, Aditya Birla Capital among others to enable digital gold investments.
Payworld consumers can purchase gold in smaller denominations, which can be stored, traded, and home delivered in the form of 24K, 999.9 purest gold coins and ingots. MMTC-PAMP is the only LBMA-accredited gold refinery in India and their gold is accepted across global commodity exchanges and central banks.
Phillip Peters is an independent journalist, entrepreneur, digital marketer and press release publisher. He has a soft spot for technology, gadgets, cryptos and writing about health and politics. He also loves travelling the world! Phillip has been working with KukaUSA full time since September 2018.