Setting up a gold SIP on PhonePe is a one-time, hassle-free process and all subsequent investments are completely automated
Bengaluru, NFAPost: Walmart-owned digital payments firm PhonePe said it has launched UPI SIP (systematic investment plan) for investing in gold. Users can now invest in the highest purity 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 advantage of starting a gold SIP on PhonePe is the convenience of UPI (unified payments interface). The user has to just select the gold provider, mention the monthly investment amount and authenticate with the UPI PIN.
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.
“Through the gold SIP, users can begin investing in the highest purity 24K Gold with as low as Rs 100 per month and continue to invest small amounts regularly to build their gold savings systematically,” said PhonePe.
Since gold SIP is a periodic investment, PhonePe officials said users don’t need to continuously track Gold prices in order to make an investment decision.
“Investing a fixed sum of money towards Gold at specific intervals could reduce the user’s average cost of investment in the long run,” states PhonePe official.
Terence Lucien, head of Investments, PhonePe said that the company’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 PhonePe official officials.
