Paytm is expanding the use of its Digital Gold offering by partnering with CaratLane, allowing users to redeem their accumulated digital gold towards jewellery purchases on the Paytm app.
According to ANI, under the partnership, customers can browse and buy CaratLane jewellery directly through Paytm and use their Digital Gold holdings towards the purchase. Any remaining amount can be paid through Paytm UPI, credit or debit cards, net banking and other available payment methods.
The partnership links Paytm's digital gold savings proposition with physical jewellery purchases, allowing users to move from accumulating gold digitally to buying jewellery through the same platform.
ALSO READ: Paytm Gets SEBI Notice Over 2023 Announcement: What The Regulator Flagged
ANI reported that the catalogue will include rings, earrings, pendants, necklaces, bangles and bracelets, covering everyday wear, gifting, weddings and festive occasions. Prices, including applicable making charges and GST, will be shown before purchase.
CaratLane will handle packaging, fulfilment and home delivery across its serviceable pin codes, while customers will be able to track their orders through Paytm.
“We are introducing jewellery shopping on Paytm with CaratLane to extend Paytm Digital Gold from saving to jewellery purchases,” Veer Mishra, Vice President, Paytm, said, according to ANI.
Paytm Digital Gold allows users to make one-time purchases or invest through daily, weekly and monthly SIPs. The offering comprises 24K pure gold fulfilled by MMTC-PAMP, with the underlying gold stored in insured vaults.
ALSO READ: Paytm Stock Soars Nearly 5% As Bernstein Raises Target Above IPO Price For First Time
CaratLane Managing Director Saumen Bhaumik said the partnership would connect digital gold savings with physical jewellery consumption, according to ANI.
For CaratLane, the tie-up adds another digital distribution channel, while Paytm gets a new commerce use case for its Digital Gold offering.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.