Digital Gold: Value of purchases via UPI rebounds after declining in Nov

The value of digital gold was recorded at ₹2,079.31 crore across 183.32 million transactions in December

The value of digital gold purchases through the Unified Payments Interface (UPI) saw a rebound in December, reversing a contraction in November that was triggered by the markets regulator’s caution to investors.

 

The value of digital gold was recorded at Rs 2,079.31 crore across 183.32 million transactions in December.

 

The value had grown 71 per cent from Rs 1,215.36 crore across 123.42 million payments in November.

 

By contrast, October had recorded a value of Rs 2,290.36 crore across 115.95 million payments, the highest by value in 2025, data from the National Payments Corporation of India (NPCI) shows.

 

In November, the Securities and Exchange Board of India (Sebi) had stated that digital gold products were outside the purview of the markets regulator. It had added that digital or e-gold was being marketed as an alternative to investment in physical gold.

 

This meant regulators could not inspect fintech platforms’ physical vaults to verify the presence and purity of the gold, as these entities operated outside regulatory oversight.

 

The advisory had put multiple fintech players in a bind. Companies such as Jar, Gullak, PhonePe and Paytm, among others, allow the purchase of digital gold in India.

 

UPI Autopay makes it easy for users to create a recurring mandate to make small-ticket purchases such as digital gold or subscriptions over a period of time.