PhonePe emerges as the largest digital platform for buying Gold with 35% market share
- Sees over 6X growth in Gold purchases over the last one year
National, November 17, 2020: PhonePe, India’s leading digital payments platform today announced that it has emerged as the largest platform for buying Digital Gold with over 35% market share. The company also said that it has seen a more than 6X jump in the volume of Gold sold in the festival season this year (21 days starting from Dussehra till Diwali).
PhonePe launched the Gold category in December 2017, and over the last 3 years it has partnered with SafeGold and MMTC-PAMP to get users across the country to buy Gold online. Gold bought on PhonePe is 24K real gold that can be bought anytime, as per the customer’s budget, starting as low as Rs. 1. Customers can also opt for the physical delivery of Gold and get doorstep delivery in the form of coins or bars, starting as low as half a gram. Customers from over 18,500+ pin codes across India have so far bought Gold on PhonePe with over 60% of customers from small towns and cities.
Speaking on the milestone Terence Lucien, Head of Mutual Funds & Gold, PhonePe said, ‘’PhonePe saw record sales for Gold this month on the back of the festive season. Customers are increasingly opting for digital purchases due to the ease of access, affordability and safety accentuated by the rising trust in payment platforms like ours. PhonePe has one of the best designed platforms to buy gold and we are constantly innovating and adding new features. We recently introduced a reminder feature to help our customers build the habit of purchasing Gold every month. We have also added a milestone feature to help motivate customers to achieve their saving goals by investing regularly.’’
PhonePe is India’s leading digital payments platform with over 250 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched Mutual funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 260 apps including Ola, Myntra, IRCTC, Goibibo, RedBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at 13 million merchant outlets across 500 cities nationally.
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