Fintech

PhonePe Partners with Jar to Launch Daily Savings in Digital Gold

• ByStartupStory     |    October 1, 2024

PhonePe has announced a new partnership with Jar to introduce ‘Daily Savings,’ a product that allows users to save money in 24K digital gold through incremental daily contributions. This innovative offering enables individuals to set aside as little as ₹10 per day, with a maximum of ₹5,000, fostering a consistent savings habit.

Powered by Jar’s integrated Gold Tech solution, the Daily Savings feature streamlines the digital gold investment process, taking less than 45 seconds to complete. Initially exclusive to Jar’s ecosystem, the Gold Tech stack is now available to partner businesses like PhonePe, enhancing the digital gold savings experience for users. The integration with PhonePe’s existing payment ecosystem ensures seamless fund transfers and payments, allowing for automated daily contributions without the need for manual intervention. Users can also pause or cancel their Daily Savings at any time and redeem their gold for cash whenever they choose.

As consumer preference shifts toward affordable and secure digital gold savings options, PhonePe is tapping into this growing trend. Digital Gold alleviates concerns about security and logistics, promoting a change in consumer behavior. The strategic alliance between PhonePe and Jar combines a robust user base of over 560 million registered users with Jar’s Gold Tech stack, enabling the handling of a significant transaction volume with ease and security.

Niharika Saigal, Head of InApp Categories, Consumer Payments at PhonePe, commented, “We have seen a significant surge in the 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.”

Nishchay AG, Founder and CEO of Jar, expressed enthusiasm for the partnership, stating, “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. 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. Over 1.2 Crore customers across 19,000+ postal codes in India have purchased high-purity 24K gold through the PhonePe platform at transparent prices. The accumulated gold is stored digitally in users’ accounts, backed by physical gold secured in vaults.

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