Paytm Says It Plans to Sell Gold Worth $200 Million This Year

Paytm Says It Plans to Sell Gold Worth $200 Million This Year

Paytm plans to sell 5 tonnes of gold valued around $200 million (roughly Rs. 1,288 crores) this year, the digital payments firm said on Friday, as it strives to develop a viable business from its e-wallet platform.

E-wallets like Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wallets via smartphone apps, have proliferated thanks to venture capital backing, but many are struggling to find a long-term profitable model.

Paytm, backed by Japan’s SoftBank Group and China’s Alibaba, is attempting to leverage its e-wallet to let customers buy and sell gold while getting a cut from each transaction.

“This is our way into wealth management,” Krishna Hedge, a senior executive at Paytm, told Reuters.

India is the world’s No. 2 consumer of gold behind China, with many saving their money in gold, using it to hedge against inflation and for gifts at special occasions. The country imports about 800 tonnes of gold a year.

The company launched its gold offering at the end of April and aims to sell 5 tonnes of gold in the fiscal year to March 2018. That amount of gold would be worth about Rs. 14 billion ($217 million) at current prices.

Clients will be able to buy and sell even miniscule amounts of gold digitally for as little as Re. 1 ($0.0155) via Paytm’s platform.

Paytm said it will not only allow users to trade in digital gold but it will also ship gold coins across much of India for those who want the metal delivered.

“This is actual physical gold that is stowed away in our vaults when you make a purchase,” said Hedge.

The 24-carat gold is sourced from a venture between Indian bullion importer MMTC and Swiss gold refiner PAMP.

Paytm, which leads the crowded e-wallet space in India, currently has more than 225 million users.

The industry enjoyed a huge boost from the federal government’s move to demonetise old high-value bank notes last year. The ensuing cash crunch sparked a surge in e-wallet transactions in a country where credit and debit-card usage is still limited.

Paytm now has plans to offer limited financial services through its niche bank.

“They are likely to add more such financial services in future and could even offer micro loans through tie-ups with banks,” said Neil Shah of technology research firm Counterpoint.

 

[“source-gadgets.ndtv”]

Best gap year tech: from Torino to Tokyo, these gadgets will help you have a great time

If you’re planning a gap year or packing for the trip of a lifetime, you’ll want to cram as many creature comforts into your backpack as possible, not to mention some tech on which to record and share some phenomenal views and bragging rights. We’re rounded up some near-essentials (aside from a huge backpack and warm coat) to make travelling easier and more exciting, whether you’re trekking through jungles and camping in the wild or catching trains and seeing the sights of Europe. Just don’t forget your toothbrush.

Sure, you’ll need a massive rucksack for lugging your worldly possessions from hostel to hostel, but it won’t be much use for sightseeing in a busy metropolis. Thankfully, there’s the Wolffepack that comes in many forms, including the ‘Capture’ for photographers that keeps all your tech, money and passport safe and sound.

Designed to allow users to reach into their bag without the hassle of unstrapping and taking it off, the backpacks all come with a  clever ‘orbital trapeze’ system that allows a wearer to swing the pack from their back to their front effortlessly. While this is a time saver, it’s also great if you want to keep your bag where you can see it on a sketchy street or busy train.

The Capture holds 26 litres and comes with a removable camera pod, three compartments, tripod clip, laptop sleeves and waterproof rain cover. With Carbon fibre, Kevlar and Dyneema cords, it’s also built to withstand the wildest of adventures.

GoPro HERO5 Action Camera

While serious photographers seldom travel without an SLR, the GoPro is brilliant for people on the go and perfect for recording bike rides and scenes you’ll want to remember in years to come. The HERO5 Black is dubbed the ‘best GoPro ever’ and supports video resolutions up to 4K at 30 frames per second, video stabilisation and stereo audio recording, as well as professional quality 12MP photos.

A simple one button control and two-inch touch display makes operating it a breeze and it’s waterproof without a housing up to 33 feet – great for recording a white water rapids ride or trip to a waterfall. Once users have recorded their envy-enduring footage, the HERO5 can auto-upload their photos and videos to the cloud for safe keeping and share it easily online. It makes bragging easy.

Cat S30 smartphone

You may be surgically attached to your iPhone or top-of-the-range Android in the city, but we all know dropping these handsets can prove to be an expensive mistake. Instead, why not invest in the Cat S30 handset. Built to be work in extreme environments, the water, dust and shockproof smartphone is designed to survive a 1.8-metre drop test and has an easy grip design as well as 12 hours talk time and up to 19 days standby – perfect if you’re staying in the back-of-beyond (or have mislaid your charger).

Price: £239.99 | Buy Cat S30 smartphone

Griffin Survivor Extreme

A tablet is a godsend when you’re pushed for space, working as a map, address book, novel, games console and internet café if you’re lucky. But they can be delicate, making a ruggedized case a sensible investment. Griffin Technology makes an array of ‘Survivor’ cases for different models, including the iPad Air 2 (pictured) to protect their backs and screens.

The new ‘Survivor Extreme’ is built to enable the iPad4 mini to survive drops onto concrete of up to 6.6-feet, cushioning falls within the impact-resistant shell. Its slide on design all but eliminates the air gap between touchscreen and the screen guard for extra protection, while its sealed shell protects the device from mud and water.

Price: £69 | Buy Griffin Survivor Extreme

ThermaCELL ProFLEx Heavy Duty Heated Insoles

Whether you’re trekking at high altitudes or staying in a drafty hostel, your toes can get chilly, especially once the sun has set. ThermaCELL ProFLEx Heavy Duty Heated Insoles heat up a user’s feet and can be controlled using a smartphone with a Bluetooth connection. The accompanying app lets users warm their feet to a chosen temperature. When this is reached, the insoles temporarily turn off before switching on again.

They’re cushioned to make walking boots more comfortable and include removable, replaceable extended life batteries so users can swap them out without having to wrangle their insoles out of their shoes or boots. One charge taking just two hours provides up to 8.5 hours of warmth. There are Bluetooth Pocket Warmers too for people who want heat on demand in a more flexible package.

 

 

[Source:- T3]

Microsoft: Windows Phone isn’t our focus this year

Microsoft kicked off its Build developer conference in San Francisco with a focus on Windows 10, bots, and developer tools, but there was something missing: Windows Phone. A single demo of Skype running on a Windows Phone was the only time a phone running Windows 10 Mobile appeared for longer than a few seconds, and it felt like Microsoft was more focused on Windows 10 for Xbox and HoloLens. I got the chance to speak to Windows chief Terry Myerson briefly after today’s keynote, and it’s clear Microsoft focus isn’t on phones this year.

“We’re fully committed to that 4-inch screen, there will be a time for it to be our focus, but right now it’s part of the family but it’s not the core of where I hope to generate developer interest over the next year,” explains Myerson. “There’s no lack of recognition to realize how important that form factor is, but for Microsoft with Windows and for our platform it’s the wrong place for us to lead.”

So, like any other year then.

 

[Source:- OSnews]