MMTC-PAMP launches digital silver. Details here

New Delhi: MMTC-PAMP on Thursday announced the launch of digital silver. The product will be made accessible to customers the same way as digital gold.

Customers will get to purchase 999.9+, purest silver on the company’s website and its partners, such as Paytm and PhonePe. Physical silver equivalent to the amount of silver purchased digitally will be stored in a certified bank-grade vault, which is audited by a third party trustee every day, MMTC-PAMP has said.

“The trusteeship has to ensure that the amount of digital gold or silver accrued within a day from a net sales point of view is added back to the bucket by key partners,” said Amul Saha, chief digital officer, MMTC-PAMP India during an interaction with Mint.

The user cannot visit the storage facility to check her silver holdings. “It’s not allowed for security reasons. But users can check holdings online and redeem real time,” said Saha.

Just like digital gold, customers can buy digital silver with for as little as Re 1.

“This digital asset provides all the benefits of silver, with added benefits of transparency, 24/7 accessibility, assured purity and low entry point to silver investments, with no making charges involved,” MMTC-PAMP said in a statement.

Users can redeem their digital silver holding in physical form at any time by selecting from the products being offered by the company, which would include coins, bars, idols, among others. 

Note that, you can only convert your digital holding into the physical silver products that are available on the platform and cannot get it custom made.

At the time of converting digital silver into a physical product, the user will have to pay making charges and also delivery charges for delivery of the product at doorstep.

“We started selling digital silver on our platform from 30 January and we are already seeing huge user interest. Digital silver volumes currently are higher than digital gold,” said Saha.

Currently, the company is giving users the facility to hold their digital silver in the company’s vault free of cost for as long as they want, Saha said.

As for charges, while there is no processing or transaction fee involved, the customer has to pay 3% GST at the time of buying digital silver.

Digital silver, like digital gold, is not regulated in India as of now.

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