PhonePe on Wednesday announced the launch of the gold Systematic Investment Plan (SIP) on its platform to allow users to invest in the highest purity 24K gold of a specified amount every month. The gold will accumulate in insured bank-grade lockers maintained by PhonePe’s partners MMTC-PAMP and SafeGold.
PhonePe informed that the users can start investing in gold with a minimum amount of Rs 100 per month and continue to invest small amounts regularly to build their gold savings systematically.
The advantage of starting a gold SIP on PhonePe is the convenience of a unified payments interface (UPI). Setting up a gold SIP is a one-time, hassle-free process and all subsequent investments are completely automated.
“PhonePe’s vision is to build products and offerings that cater to the varied investment needs of its 380 million users. As Indians look at finding smart ways to buy gold, we are happy to provide our users with the option of setting up a gold SIP through UPI. PhonePe’s gold SIP will help users build their long-term gold investments in a hassle-free way by allowing them to buy the purest 24K gold through small and regular monthly investments,” said Terence Lucien, head of investments at PhonePe.
Users can start investing with as little as Rs 100 per month. Currently, Groww and Mobikwik are a few other platforms that provide the option of investing in gold through SIPs.