PhonePe on May 25 announced the launch of UPI SIP for investments in gold. Its users can now invest in the 24K Gold of a specified amount every month and accumulate their Gold in insured bank-grade lockers maintained by PhonePe’s partners, MMTC-PAMP and SafeGold.
The payments player in a release said, “the advantage of starting a Gold SIP on PhonePe is the convenience of UPI. The user has to just select the Gold provider, mention the monthly investment amount, authenticate with the UPI PIN and it’s done! Setting up a Gold SIP is a one-time, hassle-free process and all subsequent investments are completely automated. Users will have complete control of their Gold investments and can sell the Gold at any time and get a direct credit to their bank account. They can also choose to redeem their Gold in the form of Gold Coins and Bars, which will be delivered to their doorstep.”
Terence Lucien, Head of Investments, PhonePe said, “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”