DBT Bureau
Pune, 1 Oct 2024
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 through incremental daily contributions. With Daily Savings, users can set aside as little as Rs10 per day, up to a maximum of Rs5000 per day in digital gold, empowering individuals to build a consistent savings habit.
The product is powered by Jar’s integrated Gold Tech solution that streamlines the digital gold investment process in just under 45 seconds. Initially exclusive to users within its ecosystem, Jar’s Gold Tech stack is now available to partner businesses who can provide their users with the ability to save in digital gold. Jar’s integration with PhonePe’s existing payment ecosystem ensures easy fund transfers and payments. Automated daily contribution makes it easy to save consistently without manual intervention. Users have the option to pause or cancel their Daily Savings anytime or redeem the gold for cash whenever they want.
PhonePe has seen a growing consumer preference for affordable, convenient and secure digital gold savings options. Furthermore, Digital Gold eliminates the hassle of worrying over security and logistics, allowing for a shift in consumer behaviour. This strategic alliance combines PhonePe’s strong user base of 560+ mn registered users with the Gold Tech stack of Jar to seamlessly handle a significant volume of transactions, ensuring that users can transact with ease and security.
Speaking on the launch of the new product, Niharika Saigal, Head of InApp Categories, Consumer Payments, says, “We have seen a significant surge in adoption of Digital Gold on our platform in recent years. We are thrilled to introduce Daily Savings, a product designed to facilitate bite sized everyday savings through 24K Digital Gold. By starting small and saving consistently, individuals can progressively work towards achieving their financial goals.”
“We are excited to expand Jar’s capabilities beyond our own platform and offer 360-degree services around gold savings, while also enabling users to convert their savings into jewellery through our in-house brand, Nek.” said Nishchay AG, Founder and CEO, Jar.
“By offering our Gold Tech platform to PhonePe, we are enabling brands to seamlessly integrate gold savings into their services. This marks a significant milestone for Jar as we continue to empower businesses and individuals alike with simple, scalable solutions for financial fitness, making gold savings more accessible than ever.”
PhonePe offers 99.99% purity-certified 24K Digital Gold from leading and trusted partners, with over 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.
