PhonePe becomes top destination for online Gold sale this Akshaya Tritiya

The PhonePe app saw over 45 Kgs of Gold transactions worth over Rs 15 cr during the Akshaya Tritiya sale. The platform registered a phenomenal 200 per cent growth in Gold purchased via UPI and saw purchases for amounts as high as Rs1 Lac during the sale, a company spokesperson here said. 

After its recent partnership with MMTC-PAMP, PhonePe has also become the first digital payments app to offer a sophisticated Gold marketplace to its users. 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 24K Gold of 99.5% purity with SafeGold and 99.99 per cent purity with MMTC-PAMP.

Karthik Raghupathy, Head of Strategy, PhonePe said “Akshaya Tritiya is traditionally seen as an auspicious time for buying Gold. We are delighted that an unprecedented number of users across India chose the PhonePe app to buy Gold this year. We also saw the average ticket size of Gold go up during Akshaya Tritiya which is a strong indicator of customer trust on the PhonePe platform.”   

PhonePe had launched the Gold category 3 months ago on the app. Users can buy certified 24 Karat Gold, for as low as INR 1 at transparent prices. All they need to do is create a Gold account on the app and monitor live Gold prices to make purchases. All Gold prices are linked with rates in the commercial bullion market. Every rupee collected from customers is used to purchase physical 24 Karat gold.

The category has witnessed 300 per cent growth since launch. Interestingly, the largest section of users purchasing Gold on PhonePe belong to the 25-40 age group. These vary across top metros and include Tier 2 and 3 locations like AP, West Bengal, Gaya and Hisaar.