Press Release

Press Release

PhonePe and CaratLane partner to enable jewellery purchase with Digital Gold

Consumers can seamlessly convert their 24K Digital Gold Savings into jewellery and avail up to 7% off on the redemption till 31st January 2024

National, January 16th 2024: PhonePe, today, announced its partnership with CaratLane to help consumers save and redeem their accumulated Digital Gold for jewellery. Consumers who have invested in 24K Digital Gold on PhonePe in partnership with CaratLane can redeem it for a jewellery of their choice at CaratLane and can also avail up to 7% extra on redemption amount (7% for Diamond jewellery, 4% for Gold jewellery, and 2% for Gold coins). This offer is valid till 31st January 2024. Digital Gold saving will now enable millions of people to plan and own everyday jewellery with ease from CaratLane.

This strategic alliance combines CaratLane’s standards of craftsmanship along with PhonePe’s cutting-edge technology, and the transformative potential of Digital Gold to revolutionise the way people acquire and gift beautiful everyday jewellery. PhonePe and CaratLane offer 99.99% purity-certified 24K Digital Gold through this partnership, PhonePe have over 1 Crore customers from 19,000+ postal codes in India having bought high purity 24K gold on the platform at transparent prices. Earlier this year during the festive season, PhonePe registered a phenomenal 2X growth in Digital Gold transactions, which is a strong indication of consumers getting increasingly aware of the convenience of investing in gold digitally.

Sharing her thoughts on this partnership, Sonika Chandra, Chief Business Officer – Consumer Payments at PhonePe, said, “We are delighted to have partnered with CaratLane for this unique offering that will enable our consumers to enjoy the best of both worlds– the convenience of investing in Digital Gold and being able to redeem it for jewellery. Gold Savings is one of the key investment options for customers in India, and we have seen a strong inclination towards Digital Gold investment on our platform in the last few years. We are confident that this partnership will transform the way people invest in Gold.”

CaratLane has its presence in over 100+ cities with 260+ stores across the country making it India’s leading omni channel brand in the jewellery category with 7000+ designs across categories.

Expressing enthusiasm about the partnership, Avnish Anand, Chief Executive Officer at CaratLane, said, “The whole point of building the Digital Gold business is to provide a simpler cost-effective solution to consumers who buy and gift gold for future jewellery purchases. Today most such customers buy gold coins. This strategic partnership with PhonePe is a crucial step in making that happen. PhonePe already has a huge base of customers who are buying Digital Gold. This partnership can give those Digital Gold buyers an option to redeem that gold for beautiful jewellery. PhonePe is another customer centric brand which is focused on solving such problems at scale. We feel that we can combine our capabilities and provide a wonderful experience and great value to such consumers. We are very excited about this. This is very similar to digitisation of payments. We have seen how that has transformed consumer behaviour in this country. We are aiming to do something similar in the jewellery space.”

All PhonePe Digital Gold customers who have invested via CaratLane can redeem their gold balance amount for beautiful everyday jewellery at any of CaratLane’s 260+ stores, online or through CL Live and Try At Home services.

Here’s how consumers can convert their Digital Gold into jewellery on CaratLane:

Step 1: Visit a Retail or online store of CaratLane and choose your favorite jewellery

Step 2: At checkout, redeem Digital Gold by verifying your Digital Gold Account

Step 3: Complete payment fully or partially for the jewellery with Digital Gold

About PhonePe Group:

PhonePe is India’s leading digital payments company with 51 crore (510 Million) registered users and 3.8 crore (38 Million) merchants covering over 99% of the postal codes across India. On the back of its leadership in digital payments, PhonePe has expanded into financial services (Insurance, Digital Gold, Mutual Funds, Stock Broking, and Lending) as well as adjacent tech-enabled businesses such as Pincode for hyperlocal shopping and Indus App Store which is India’s first localized App Store. The PhonePe Group is a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

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