PhonePe Launches Gold - The First Step in Wealth Creation for Customers

Customers now have the option of buying gold directly from their bank account

by Shrutee K/DNS

New Delhi : PhonePe, India’s fastest growing digital payments company, announced the launch of its Gold category.  Now PhonePe users will be able to buy and sell certified 24 Karat Gold at transparent prices on the PhonePe app. PhonePe gives customers the opportunity to buy Gold for as low as INR 1. They can create a PhonePe Gold account on the app and monitor Live Gold prices to make purchases at transparent prices. All Gold prices will be linked with the rates in the commercial bullion market. Every rupee collected from customers is used to purchase physical 24 Karat gold.

PhonePe has partnered with SafeGold to launch this category. SafeGold, -has appointed IDBI Trusteeship Services to protect the interest of customers with regard to their gold purchases. IDBI Trusteeship Services is jointly promoted by IDBI Bank Ltd., LIC of India, and GIC of India.

Gold purchased on PhonePe is physically deposited into a Brink's vault and is fully insured at all times. If a customer needs the physical gold, she/he can ask for it to be delivered to their doorstep. SafeGold will deliver gold coins that are independently Assay Certified for purity and delivered in tamper proof packaging directly to them.

Commenting on the launch, Hemant Gala, Head of Bank Relations & Strategic Partnerships, PhonePe said, “We are thrilled to announce the launch of PhonePe Gold. Now millions of PhonePe customers will be able to buy 24 Karat gold securely at the click of a button. Best of all, thanks to our strategic partnership with SafeGold, we are not just selling digital gold. We are selling real physical gold that can be delivered to consumers when and where they need it. We believe the PhonePe Gold category will help grow online sales of physical gold exponentially over the next few years.”

"Online purchase of Gold is still a nascent yet fast-growing market in India. We believe our exclusive online partnership with PhonePe will help us in accelerating the pace of pace of online sales of gold in India. The focus is on driving mass adoption at affordable ticket sizes. SafeGold structure is in line with global best practices that puts a premium on protecting consumer interests. In partnership with PhonePe we will introduce products, which will make it easier for Indian consumers to accumulate wealth.” said Gaurav Mathur, Managing Director of SafeGold.

Subrat Udgata, Vice-President, IDBI Trusteeship Services said, "Gold has always been a prized possession in India. We are delighted that an innovative company like PhonePe in partnership with SafeGold, is offering customers a convenient and secure way to buy or accumulate the best quality Gold. It is noteworthy that there are independent entities in this partnership protecting the customer's interest at all stages. We are actively supporting such innovative digital business models as Trustees and the SafeGold-PhonePe partnership is an example of that effort."

About PhonePe

Bengaluru-headquartered PhonePe is the fastest growing digital payments in India. With over 55 million installs, the PhonePe App drives the highest number of UPI transactions in India. Using PhonePe users can send and receive money, recharge Mobile, DTH, Datacards, make utility payments, pay credit card bills and shop online and offline.

About IDBI Trusteeship Services

IDBI Trusteeship Services is India's leading trustee company and provides a wide spectrum of Trusteeship Services by combining their capabilities with in-depth local knowledge to deliver expert Trusteeship Services. Their vision is to be a market player, with a difference, in providing specialized financial and legal services to the Corporates worldwide.

About SafeGold

SafeGold is a product of Digital Gold India Private Limited, an institutionally owned company that is committed to using technology to improve transparency and efficiency in buying gold.