Physical silver equivalent to the amount of silver purchased digitally will be stored in certified bank-grade vaults that are audited daily by third-party trustees.
Customers will be able to purchase 999.9+ sterling silver from the company’s website and its partners such as Paytm and PhonePe. MMTC-PAMP said physical silver equivalent to the amount of silver purchased digitally will be stored in certified bank-grade vaults that are audited daily by third-party trustees.
“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 in real-time,” said Saha.
Just like digital gold, customers can purchase digital silver for as little as 1 Re.
“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 the digital silver they hold in physical form at any time by choosing from products offered by the company, including coins, bars, idols, and more.
Digital holdings may only be converted into physical silverware usable on the Platform, and may not be ordered.
While converting digital silver into a physical product, users will have to pay a fee as well as the cost of shipping the product to their doorstep.
“We started selling digital silver on our platform on 30 January and we are already seeing huge user interest. Digital silver volumes currently are higher than digital gold,” said Saha.
The company is now offering users the option to store their digital silver in the company’s vault for free for as long as they want, Saha said.
There is no processing fee or transaction fee, but customers are required to pay 3% GST on Digital Silver purchases. Like
Digital Gold, Digital Silver is currently unregulated in India.
