PhonePe partners with MMTC-PAMP to create India’s first Gold Savings marketplace
Customers have the option to start Gold savings for as low as Re.1
India, April 16th, 2018: PhonePe, India’s fastest growing digital payments company today announced a partnership with MMTC-PAMP to provide 24K Gold of 99.99% purity on the PhonePe app. With this partnership, PhonePe is now the first digital payments app to offer a sophisticated gold marketplace to its users. PhonePe customers can buy 24K Gold from the provider of their choice at transparent and competitive live prices.
PhonePe’s Gold marketplace is all about giving users more choice. From choosing the purity of Gold they prefer, to selecting a provider of their choice, PhonePe is letting users choose their Gold savings journey. Customers have the option of purchasing Gold of 99.50% purity with SafeGold and 99.99% purity with MMTC-PAMP.
Customers can monitor live Gold prices to make purchases at transparent prices. All Gold prices are linked with rates in the commercial bullion market. Gold purchased on PhonePe is physically deposited into a secured vault and is fully insured at all times. If a customer needs the physical Gold, she/he can ask for it to be delivered to their doorstep.
“We are very excited to partner with MMTC-PAMP as a provider for 24K Gold on our app. This will help us create India’s first Gold marketplace for our users. With MMTC-PAMP’s international recognition, we will be able to provide trusted and transparent Gold prices to our customers. We believe that the Gold Savings product on PhonePe is the 1st step in transforming and growing the online Gold ecosystem in India,” said Karthik Raghupathy, Head of Strategy, PhonePe.
Added Harshit Pande, Head of Strategy, MMTC-PAMP said, “Online Gold purchase is still nascent in India and is growing at an exponential rate. As global pioneers of digital gold, and as India’s first LBMA accredited gold and silver refinery, we bring unparalleled access, transparency and integrity to gold purchase. Our partnership with PhonePe is an important step in our journey of providing every Indian consumer access to international quality gold.”
As part of Akshaya Tritiya sale between 15th to 18th April, PhonePe will be offering assured cashback to every customer for up to INR 5000 along with a host of other offers including doorstep delivery of Gold coins and purchase of jewellery.
In the next few months, PhonePe plans to launch an array of new features around Gold Savings including redemption at jewellery stores, gifting products on Gold to make it easy and accessible to all PhonePe users.
Bengaluru-headquartered PhonePe is the fastest growing payments company in India. With over 80 million installs, the PhonePe App drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, datacards, make utility payments, buy gold, shop online, and offline. Customers can also use PhonePe as a payment option across 3 lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc.
MMTC-PAMP India – a joint venture between PAMP SA Switzerland and MMTC Ltd, a Government of India Undertaking – operates the world’s most advanced precious metals processing facility, under the direct technical supervision of PAMP. As India’s first and only LBMA Good Delivery refinery accredited for Gold and Silver, MMTC-PAMP India is setting new global standards for product excellence, customer service, environmental management and safety.
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