Invest in gold for as low as Re 1! Check out PhonePe’s digital gold facility | Personal Finance News

Invest in gold for as low as Re 1! Check out PhonePe's digital gold facility

New Delhi: Festivities may be over, but the rush for gold is something that does not die down. Considering that the yellow metal is a safe haven and is considered traditionally a hege during crisis, gold investment is an all-weather prospect.

Those looking to take small steps towards investing in digital gold have several options available in the market. Digital payments platform PhonePe is one such player that allows you to invest in digital gold. You can buy gold at prices as low as Re 1 or 0.001 grams. Although you can sell it only if you have minimum gold worth of Rs 5. Buying and selling on the same day is not allowed.

Gold purchased on PhonePe is stored in a free bank-grade insured locker facility maintained by the providers, SafeGold and MMTC-PAMP India. IDBI trusteeship ensures that the Gold cannot leave the locker facility without a proper audit. Infact your Gold can also be home delivered if you like.

You can to buy gold on the PhonePe app following six simple steps

  • Open the PhonePe app. New users will have to first download the app.
  • Click on My Money.
  • Under Investment, click on the Gold Icon.
  • Select Gold provider (SafeGold OR MMTC-PAMP).
  • Enter the amount of Gold you want to buy (Either in INR or grams).
  • Click on Proceed To Payment

Buyers can use UPI/Debit Card/Credit Card/Wallet to complete their transaction. They must also note that Gold prices are linked to real-time rates in the commercial bullion market and updated every 5 minutes by SafeGold and MMTC-PAMP.

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Notably, Merchant payment platform BharatPe in association with Safegold, has introduced digital gold product on its platform for merchants.

BharatPe Gold merchant can also start investment for as low as Re 1. The choice of payment is either via BharatPe balance or UPI. BharatPe has said that in the near future, it will be adding credit and debit cards as payment options. Merchants will be able to buy and sell 99.5 per cent purity, 24-carat gold and they can choose to buy in rupees or grams, at any time of the day and from anywhere using the BharatPe app.