Fintech PhonePe Teams Up with Jar to Introduce Daily Savings in Digital Gold

PhonePe announced its partnership with Jar to launch its new product offering ‘Daily Savings’ on its platform, enabling users to save money in 24K digital gold via “incremental daily contributions.”

With Daily Savings, users are able to set aside as little as ₹10 per day, up to a maximum of ₹5000 per day in “digital gold,” empowering savers in India to develop a regular savings habit.

The product is supported by Jar’s integrated Gold Tech solution that enhances the digital gold investment process in less than 45 seconds.

At first exclusive to users within its ecosystem, Jar’s Gold Tech stack is presently available to partner businesses that are able to offer users with the option to save in digital gold.

Jar’s integration with PhonePe’s payment ecosystem ensures seamless fund transfers and payments.

Automated daily contribution makes it more practical to save regulalry without manual intervention. Users have the ability to pause or cancel their Daily Savings at any given time and/or redeem the gold for cash if  they would like to do so.

PhonePe has seen a fast-growing consumer preference for accessible, practical as well as safe digital gold savings options.

As explained in the update, Digital Gold reportedly eliminates the hassle of worrying over security and logistics, allowing for a shift in consumer behavior.

This alliance now brings together PhonePe’s client base of 560+ million registered users with the Gold Tech stack of Jar to handle a considerable volume of transfers, ensuring that users can transact securely.

Niharika Saigal, Head of InApp Categories, Consumer Payments, said that they have seen a significant surge in adoption of Digital Gold on their platform in recent years.

Saigal added that they are eager to introduce Daily Savings, a product designed to facilitate bite sized everyday savings through 24K Digital Gold.

Saigal also mentioned that by starting small and saving consistently, individuals can progressively work towards achieving their financial goals.

Nishchay AG, Founder and CEO, Jar explained that by offering their Gold Tech platform to PhonePe, they are enabling brands to integrate gold savings into their services.

They also mentioned that this marks a key milestone for Jar as they continue to empower businesses and individuals with solutions for financial wellbeing.

As stated in the announcement, PhonePe claims it provides 99.99% purity-certified 24K Digital Gold from various partners, with reportedly more than 1.2 Crore customers from 19,000+ postal codes in India having bought high purity 24K gold on the PhonePe platform at transparent prices.

The accumulated gold is stored digitally in the user’s account, backed by physical gold stored in secure vaults.

As covered, PhonePe Group is India’s fintech company.

Its main product, the PhonePe digital payments app, was launched in Aug 2016.

In around 8 years, the Fintech has scaled to become one of India’s main consumer payments apps, claiming 560+ million registered users and a digital payments acceptance network of 40+ million merchants.

PhonePe processes more than 280+ million daily transactions with an “annualized” Total Payment Value (TPV) of $1.5+ trillion.



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