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Here’s how much digital gold India’s biggest payment platforms sold this Diwali

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08.11.2018

One of the newest phenomena to join in the online shopping euphoria, digital gold gained considerable momentum this Diwali.

Every festive season, there’s a mad rush for the best deals and discounts across online stores in the country. In fact, consulting firm RedSeer Consulting estimated that the first sale cycle in October alone clocked over $3 billion in sales.

Among this euphoria, a new category emerged – ‘digital gold’ that was offered by many players for the first time to customers this Dhanteras.

Over the last two years, multiple digital payment companies including Indian payments giant Paytm; Flipkart-owned PhonePe; Gurugram-based MobiKwik introduced a way for customers to invest in digital gold on their platforms.

Further, these platforms are also allowing customers to save in digital gold starting from Re 1 and providing doorstep delivery of the physical gold after redemption.

Paytm stated that it's total digital gold users reached 10 million

Gaurav Mathur, Managing Director of SafeGold, during their partnership with PhonePe, said that “online purchase of gold is still a nascent but a high-growth market”, which is luring these companies to operate in this category.

Gold continues to be a lucrative asset for many Indians in the country opening up a whole lot of potential for the segment.

But the larger question is, “Are individuals trusting the online medium to buy something as precious as gold?”

These numbers may give us the answer.

Paytm

Indian........

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