PhonePe app launches gold option for customers

PhonePe, an Indian digital payments company has announced the launch of the Gold category on its app today to enable users to buy and sell certified 24 Karat gold directly from their bank account.

PhonePe gives customers the opportunity to buy gold for as low as Rs 1. They can create a PhonePe Gold account on the app and monitor live gold prices to make purchases at transparent prices as gold prices will be linked with the rates in the commercial bullion market.

Hemant Gala, Head of Bank Relations and Strategic Partnerships, PhonePe said highlighting that the PhonePe Gold category will help grow online sales of physical gold exponentially over the next few years.

"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," Gala said.

PhonePe has partnered with SafeGold which has appointed IDBI Trusteeship Services to protect the interest of customers with regard to their gold purchases.

"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," said Gaurav Mathur, Managing Director of SafeGold.