PhonePe has become the biggest destination for online Gold sale with over 400% growth, since its launch in December 2017. In a short span of 5 months, customers have purchased over 250 kgs of 24K gold on PhonePe. After its partnership with SafeGold and MMTC-PAMP, PhonePe is the first Indian payments app to provide a sophisticated Gold marketplace for its customers. PhonePe users can chose to buy certified 24K Gold of 99.5% purity with SafeGold and 99.99% purity with MMTC-PAMP, for as low as INR 1 at transparent prices. All Gold prices are linked with rates in the commercial bullion market and customers can choose to get physical delivery of the Gold.
The largest section of users purchasing Gold on the PhonePe platform belong to age group of 25-40 years. These vary across top metros with a large section from Tier 2 and 3 locations also including Andhra Pradesh, West Bengal, Gaya and Hisaar.
PhonePe has the lowest purchase price for Gold in the market currently. Last month during the festive season, PhonePe saw over 45 Kgs of Gold transactions worth over Rs. 15 crore during the Akshaya Tritiya sale. The platform registered a phenomenal 200% growth in Gold purchased via UPI and saw purchases for amounts as high as Rs.1 Lac during the sale.
Karthik Raghupathy, Head of Strategy, PhonePe said, “We are delighted that an unprecedented number of users across India chose the PhonePe app to buy Gold this year. We also saw the average ticket size of Gold go up during the festive season which is a strong indicator of customer trust on the PhonePe platform.”
Gold Savings is one of the key investment options for customers in India. As per a recent report by the World Gold Council, the demand for Gold as an investment is growing by 18% every year. In this context, PhonePe plans to launch an an array of new features around the Gold product to make Gold purchase easy and accessible to all PhonePe users.