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PhonePe launches UPI SIP for gold investments

May 25, 2022

PhonePe launches UPI SIP for gold investments
Digital payments company PhonePe on May 25 launched a feature on its platform that enables users to make investments in gold using the Unified Payments Interface (UPI). With the new addition, users will now be able to sign up for Systematic Investment Plans or SIPs in high purity 24K gold of a specified amount every month.

PhonePe informed that the users can start investing in gold with a minimum amount of Rs 100 per month and continue to invest small amounts regularly to build their gold savings systematically.

“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,” Terence Lucien, Head of Investments at PhonePe, said.

The company informed that with the UPI SIP, users will have complete control over their gold investments and can sell the gold at any time getting a direct credit to their bank account. Interestingly enough, PhonePe said that the customers can also choose to redeem their gold in the form of coins and bars, which will be delivered to their doorstep.

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