PayPoint Platform Launched Digital Gold Facility

SEATTLE (Scrap Monster): PayPoint India Private Limited announced that it has launched digital gold facility on its platform. The move is aimed at boosting gold investments in rural segment.

According to PayPoint press release, the demand for digital gold continues to remain sluggish in the country’s rural area, mainly due to non-awareness and non-availability of investment tools. It must be noted that e-gold has already become a popular form of investment in urban areas.

The network of approximately 48,000 last-mile PayPoint physical stores will be part of the programme. These stores will offer a simple and safe investment process for customers. The initiative offers convenient platform to buy and sell e-gold with guided assistance from store staff. It allows low-ticket investment, to the tune of as low as Rs. 500. Also, customers need not open a demat account for purchasing gold.

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For each e-gold purchase from PayPoint retail stores, an equivalent amount of physical gold will be allocated to the customer. This will be stored in government-approved secured vaults. The trustee of these vaults will be Axis Bank.

Ketan Doshi, Managing Director of PayPoint India noted that the platform allows individuals with limited income to gradually build their assets, so as to achieve financial security in challenging times.