PhonePe Partners Jar To Roll Out Daily Savings In Digital Gold
by Pooja Yadav · Inc42SUMMARY
- The product will streamline the digital gold investment process in under 45 seconds
- According to PhonePe’s statement, the product will allow users to save money in 24K digital gold through small, daily contributions. Users can start saving amount from INR 10 up to maximum of INR 5,000 each day in digital gold
- On the financial front, PhonePe announced an adjusted profit after tax (PAT) of INR 197 Cr for FY24, a significant improvement from an adjusted loss after tax of INR 738 Cr in the previous fiscal year
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Fintech major PhonePe has partnered with financial fitness platform Jar to roll out a new ‘Daily Savings’ feature on its platform for purchase of digital gold.
According to PhonePe’s statement, the product will allow users to save money in 24K digital gold through small, daily contributions. Users can start saving amount from INR 10 up to maximum of INR 5,000 each day in digital gold.
The product will streamline the digital gold investment process in under 45 seconds, powered by Jar’s integrated Gold Tech solution. Initially, this technology will be available to partner businesses, allowing them to offer digital gold savings.
Further, the product will ensure easy fund transfers and payments.
“Automated daily contribution makes it easy to save consistently without manual intervention. Users have the option to pause or cancel their Daily Savings anytime or redeem the gold for cash whenever they want,” the statement added.
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Niharika Saigal, head of InApp Categories, Consumer Payments, said, “We have seen a significant surge in adoption of Digital Gold on our platform in recent years. We are thrilled to introduce Daily Savings, a product designed to facilitate bite sized everyday savings through 24K Digital Gold. By starting small and saving consistently, individuals can progressively work towards achieving their financial goals.”
Nishchay AG, founder and CEO, Jar said, “By offering our Gold Tech platform to PhonePe, we are enabling brands to seamlessly integrate gold savings into their services.”
PhonePe claims to offer 99.99% purity-certified 24K Digital Gold sourced from trusted partners. With over 1.2 Cr customers across more than 19,000 postal codes in India, users can purchase gold at transparent prices, it said.
PhonePe is one of the leading payments players in the UPI segment. In July this year, it held a 48.3% market share in the UPI ecosystem, registering 6.98 Bn transactions worth INR 10.28 Lakh Cr.
On the financial front, the startup reported achieving profitability before accounting for ESOP costs for the fiscal year ending March 31, 2024. It announced an adjusted profit after tax (PAT) of INR 197 Cr for FY24, a significant improvement from an adjusted loss after tax of INR 738 Cr in the previous fiscal year.
It is pertinent to note that PhonePe posted a net loss of INR 2,795.3 Cr in FY23.
In a statement, the Walmart-owned company said that its revenue grew 74% to INR 5,064 Cr in FY24 from INR 2,914 Cr in FY23.