Flipkart-owned PhonePe on Wednesday announced the launch of a systematic investment plan (SIP) to invest in gold. Users can now invest in 24K gold, the metal in its highest purity, for a specific amount every month and accumulate their asset.
These investments will be insured in bank-grade lockers maintained by PhonePe’s partners MMTC-PAMP and SafeGold. Investors will have complete control of their gold and can sell it at any time to get a direct credit to their bank accounts. Should they choose to redeem this investment in the form of coins and bars, it will be delivered to their doorsteps, the company said in a statement.
The advantage of starting a gold SIP on PhonePe is the convenience of 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 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.