Digital payments company PhonePe has registered over 400% growth in online gold sale since its launch in December 2017 and has become the top destination for online gold sale. The company said in a state that in a short span of 5 months, customers have purchased over 250 kgs of 24 carat gold on its platform and after its partnership with SafeGold and MMTC-PAMP, it became the first Indian payments app to provide a sophisticated gold marketplace for its customers. PhonePe users can chose to buy certified 24 carat gold of 99.5% purity with SafeGold and 99.99% purity with MMTC-PAMP, for as low as Re 1 at transparent prices. All Gold prices are linked with rates in the commercial bullion market and customers can choose to get physical delivery of the Gold. The statement said the largest section of users purchasing gold on the its platform belong to age group of 25-40 years. These vary across top metros with a large section from tier 2 and 3 locations also including Andhra Pradesh, West Bengal, Gaya and Hisaar. In April, the company said 45 kgs of gold transactions worth over Rs 15 crore during the Akshaya Tritiya sale. The platform registered a phenomenal 200% growth in gold purchased via UPI and saw purchases for amounts as high as Rs 1 lakh during the sale.
