PhonePe Launches Gold — The First Step in Wealth Creation for Customers
We recently launched Gold as a category on the PhonePe app. Our customers can now buy and sell certified 24 Karat Gold, for as low as INR 1 at transparent prices. All they need to do is create a PhonePe Gold account on the app and monitor Live Gold prices to make purchases. All Gold prices are linked with the rates in the commercial bullion market. Every rupee collected from customers is used to purchase physical 24 Karat gold.
We have 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.
All Gold purchased on the app 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, our Head of Bank Relations & Strategic Partnerships, 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.”
Added Gaurav Mathur, Managing Director of SafeGold, “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.”
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.”
