Akshaya Tritiya: PhonePe sees gold business worth 15 cr

Bengaluru-based PhonePe, India’s fastest growing digital payments company, on Tuesday announced that it has emerged as the top destination for online gold transactions during the recently concluded Akshaya Tritiya sale.

The PhonePe app saw over 45 Kg of gold transactions worth over Rs 15 crore during the Akshaya Tritiya sale. The platform registered a 200% growth in gold purchased via UPI (Unified Payments Interface) and saw purchases for amount as high as Rs 1 lakh during the sale.

After its recent partnership with MMTC-PAMP, PhonePe has also become the first digital payments app to offer a gold marketplace to its users. Customers have the option of purchasing 24k gold of 99.5% purity with SafeGold and 99.99% purity with MMTC-PAMP.

Karthik Raghupathy, Head of Strategy, PhonePe said, “We also saw the average ticket size of gold go up during Akshaya Tritiya, which is a strong indicator of customer trust on the PhonePe platform.”

PhonePe had launched the gold category three months ago on the app. Every rupee collected from customers is used to purchase physical 24k gold, PhonePe said.

The category has witnessed 300% growth since launch. "The largest section of users purchasing gold on PhonePe belong to the 25-40 age group. These vary across top metros and include Tier-II and Tier-III locations like AP, West Bengal, Gaya and Hisaar," the company added.