Business strategy

Buying Silver Online Set to Be Easier Ahead of Festivals: PhonePe Introduces New Feature

Fintech major, PhonePe, India’s leading digital payments company, on Wednesday announced the launch of its new feature which will enable investors to buy silver coins and bars. With this announcement, Phonepe introduced the first of this kind service that allows to invest in pure silver and the investment will also get a high certified purity via Phonepe. In addition to this, it comes with an additional benefit of best prices and safe insured doorstep delivery.

“Online purchase of Silver coins and bars has become increasingly popular in the last few years. As we usher in the festive season, we are excited to partner with PhonePe and enable its users to purchase silver coins with assured purity, home delivery and best value in the most transparent, secure and organized way,” Gaurav Mathur, managing director, SafeGold said.

In this first of its kind service, whoever looking to invest in silver coin and bar, can invest in denominations of 10g, 20g, 50g and 100g coins or bars. Whatever quantity the investor will invest in will be delivered at the doorstep.

This service is being provided by PhonePe in collaboration with SafeGold, which is well known and trusted brand in the field of silver and gold to

to process payments for 99.99 per cent pure silver with quality certification from an NABL-accredited laboratory.

The coins and bars come with guaranteed weight and purity and are sealed in international quality packaging with a unique serial number that ensures foolproof quality and traceability for the product.

The app allows users to pay for silver coins and bar purchases, track delivery progress online, and avail support when necessary

“Silver has significant importance in Indian culture especially during festivals and other auspicious occasions. We are delighted to be the first payments platform to offer our 300+ million user-base the highest purity silver coins and bars,” Terence Lucien, Head of Mutual Funds, PhonePe.

Wallmart backed PhonePe is looking to expand aggressively into the fintech sector. The app made clear that it is trying to reach a userbase of 500 million for its consolidated services. As of now, the phonepe India’s leading payments platform with 314 million registered users and 46 percent of the market share for UPI payments, according to data from the National Payments Corporation of India (NPCI). Phonepe has recently acquired an insurance broking and an account aggregator licence from the Reserve Bank of India. With the insurance broking licence, the company will be able to sell insurances to its users and the account aggregator licence will allow the company to share consented financial data.

HOW TO BUY SILVER COINS, BARS ON PHONEPE:

Open the PhonePe app, click on Investments tab

The one who is looking to buy these coins and bars, first needs to go onto the phonepe app.

Then pick Gold and Silver

After going on the app, click on the icon of Gold and Silver. In left side of the home page of the app in your phone.

Select preferred silver coins

After clicking on the Gold and Silver, you will find a wide range of options in terms of weights of coins and bars. You need to select the one out of all those options visible on the screen.

Add address for delivery, and pay

After selecting the coin or the bar, you need to add the address and the confirm to get it delivered on your doorstep.

Final Step

After getting done with all aforementioned steps, the selected silver coin or the bar will be delivered to the buyer’s doorstep

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