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PhonePe has reported a 400% jump in digital gold sold through its platform

The company said that during the Akshay Tritiya festive season PhonePe saw around 45kgs of gold being sold worth over Rs 15 crore with a large chunk of the transactions coming from Andhra Pradesh, West Bengal, Gaya and Hisaar.

, ET Bureau|
May 15, 2018, 03.29 PM IST
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ET Online
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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 Re 1 at transparent prices, said Raghupathy.
BENGALURU: Bengaluru based digital payments company PhonePe has reported a 400% jump in the sale of digital gold through its platform, with around 250 kg of 24K gold being sold within five months of its launch.

In a note to the media the company said that during the Akshay Tritiya festive season PhonePe saw around 45kgs of gold being sold worth over Rs 15 crore with a large chunk of the transactions coming from Andhra Pradesh, West Bengal, Gaya and Hisaar.

“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,” said Karthik Raghupathy, Head of Strategy, PhonePe.

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 Re 1 at transparent prices, said Raghupathy.

He further added that all gold prices are linked with rates in the commercial bullion market and customers can choose to get physical delivery of the Gold.

Quoting a World Gold Council report which states that the demand for Gold as an investment is growing by 18% every year PhonePe said it has plans to launch an array of new features around the gold product to make gold purchase easy and accessible to all PhonePe users.

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