MMTC-PAMP digital gold: India's LBMA refinery, explained

Who owns MMTC-PAMP

MMTC-PAMP India Private Limited was incorporated on 18 January 2008. It is a joint venture: PAMP Ventures SA, part of the Swiss MKS PAMP Group, holds 72.65%, and MMTC Limited, a Government of India company, holds 26%. That split is from ICRA's July 2026 credit rating report. So it is often called a government joint venture, but the government-owned partner is the minority shareholder.

What LBMA Good Delivery means

The London Bullion Market Association's Good Delivery list names the refiners whose bars the London market accepts without question. Getting on it means passing checks on assaying, bar quality, finances and responsible sourcing, and staying on it means passing them again. ICRA describes MMTC-PAMP as the only refiner in India accredited for both gold and silver. For a buyer, it is the strongest independent check on a refiner's metal you will find.

Which apps sell MMTC-PAMP digital gold

• [Google Pay](https://pay.google.com/intl/en_in/about/). Its help pages say you “buy and store gold from MMTC-PAMP India Pvt. Ltd.”, from ₹1, up to ₹50,000 a day, with KYC once your holding passes ₹49,999. Google Pay launched gold buying with MMTC-PAMP in April 2019.
• [Paytm](https://paytm.com/digital-gold). Its gold page says “Backed by MMTC-PAMP” and stored in insured MMTC vaults, and lists a trustee certificate and an insurance certificate.
• [PhonePe](https://www.phonepe.com/). It offers MMTC-PAMP 24K 999.9 gold alongside SafeGold.

MMTC-PAMP also sells coins and bars under its own name, and ICRA credits part of its FY2026 growth to demand linked to gold ETFs. For how it compares with the other two houses, see SafeGold vs Augmont vs MMTC-PAMP.

Who holds the gold, and what we could not confirm

Paytm says the metal is kept in insured MMTC vaults. Unlike the other two houses, we could not find the name of MMTC-PAMP's digital gold trustee or vault operator on a page we could read: MMTC-PAMP's website blocked our checks, and the app pages name a trustee certificate without naming the trustee. If you hold MMTC-PAMP gold, the trustee certificate in your app is the document that answers it.

Is MMTC-PAMP safe?

As a refiner it has the best-documented credentials in India: LBMA Good Delivery, an AA- credit rating and a large, audited plant. As a digital gold product it is, like every other, outside SEBI's regulation. Ask your app for the trustee's name and the spread, and run the nine checks. If you would rather hold a SEBI-regulated product, what is digital gold compares it with gold ETFs and bonds.