May 25, 2022
PhonePe Launches UPI SIP for Gold Investments
- PhonePe customers can now invest in highest purity 24K Gold with UPI SIP
- The accumulated 24K Gold will be stored in insured bank-grade lockers and can be redeemed anytime
National, May 25th, 2022: PhonePe, India’s leading digital payments company, today announced the launch of UPI SIP for investing in Gold. Users can now invest in the highest purity 24K Gold of a specified amount every month and accumulate their Gold in insured bank-grade lockers maintained by PhonePe’s partners, MMTC-PAMP and SafeGold.
The advantage of starting a Gold SIP on PhonePe is the convenience of UPI. The user has to just select the Gold provider, mention the monthly investment amount, authenticate with the UPI PIN and it’s done! Setting up a Gold SIP is a one-time, hassle-free process and all subsequent investments are completely automated. Users will have complete control of their Gold investments and can sell the Gold at any time and get a direct credit to their bank account. They can also choose to redeem their Gold in the form of Gold Coins and Bars, which will be delivered to their doorstep.
The advantages of investing in Gold via UPI SIP on the PhonePe app are as follows:
- Buy 24K Gold with just Rs 100 per month: Through the Gold SIP, users can begin investing in the highest purity 24K Gold with as low as Rs 100 per month and continue to invest small amounts regularly to build their Gold savings systematically.
- No need to worry about price movement: Since Gold SIP is a periodic investment, users don’t need to continuously track Gold prices in order to make an investment decision. Investing a fixed sum of money towards Gold at specific intervals could reduce the user’s average cost of investment in the long run.
Speaking on the launch, Terence Lucien, Head of Investments, PhonePe said, “PhonePe’s vision is to build products and offerings that cater to the varied investment needs of its 380 million users. As Indians look at finding smart ways to buy Gold, we are happy to provide our users the option of setting up a Gold SIP through UPI. PhonePe’s Gold SIP will help users build their long-term Gold Investments in a hassle-free way by allowing them to buy the purest 24K Gold through small and regular monthly investments.”
Tap Wealth on the bottom strip of your PhonePe app homepage
Tap Gold under the Investment Ideas section.
Select Start Accumulating Gold/Buy More Gold.
Select a provider and then, under Invest Monthly (SIP), enter the amount you wish to invest every month and the date of investment.
Proceed to select ‘Pay and set Autopay’ and confirm with your UPI PIN.
About PhonePe
PhonePe was founded in December 2015, and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 380 million registered users, one in four Indians are now on PhonePe. The company has also successfully digitized over 30 million offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe forayed into financial services in 2017, providing users with a safe and convenient option to buy 24-karat gold, and has recently also launched silver on its platform. Since then, PhonePe has introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, COVID-19 insurance amongst others. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores and make all their utility payments.
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