MobiKwik teams up with SafeGold to sell gold

After Paytm, another e-wallet player MobiKwik will now allow customers to buy digital gold and aims to sell one tonne of gold in FY19-20 through its platform.

MobiKwik has partnered with SafeGold, a digital platform that allows customers to buy, sell and receive vaulted gold, and has created a separate category called 'Gold' on its app, a statement said.

"The launch is in line with the brand's commitment to offer the entire gamut of financial services and is another offering in the fintech portfolio by MobiKwik, after lending and wealth management," it added.

With the launch of this category ahead of Diwali, MobiKwik users will be able to buy and sell 99.5 per cent purity, 24-carat gold on the app starting at one rupee.

Users will have the option of buying or selling gold in terms of rupees or in grams. Customers will also have a view of the gold price trends over the last few weeks on the MobiKwik app.

"The festive season is in its full fervour right now. This is an auspicious time for us to launch 'Gold' category...We are extremely bullish on gold as a category and we have set a target of selling 1 tonne of gold in FY 19-20," Upasana Taku, co-founder and director at MobiKwik, said.

She said the company has already sold 7 kilograms of gold in the first 15 days in the limited release of the version without any promotions.

"We will be adding new offerings to this portfolio, in partnership with renowned brands in the industry. We are confident that it will be one of the key business drivers for the company," she said.

Alibaba and SoftBank-backed Paytm had started selling gold through its platform last year in partnership with MMTC-PAMP.