PhonePe launches UPI SIP for gold investments; check all details here

Digital payments company PhonePe announced that it will launch UPI SIP for investment in gold. Users will be able to invest in high purity 24K gold of a specified amount every month. The gold can be accumulated in their insured bank-grade lockers, maintained by MMTC-PAMP and SafeGold. 

The UPI makes it convenient for users to start a gold SIP. All the user has to do is select the gold provider, mention the monthly investment amount, and authenticate with the UPI PIN.

The setting up process is one-time, and subsequent investments will be completely automated.

Users can sell the gold anytime and get a direct credit to their bank account. The gold can be redeemed in the form of gold coins and bars too, which will be delivered to their doorstep. 

Users can begin investing in the 24K gold with just Rs 100 per month, and continue to invest small amounts regularly to build their gold savings systematically. Moreover, investors do not need to worry about the price movement of the yellow metal. Investing a fixed sum at specific intervals would reduce the average cost of investment in the long run, the company stated. 

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

How to set up UPI SIP for gold:

• Go to the ‘Wealth’ tab at the bottom strip of PhonePe app
• Tap gold under the Investment Ideas section
• Select Start Accumulating Gold/Buy More Gold
• Select a provider
• Enter amount you wish to invest monthly, along with the date of investment
• Select ‘Pay and set Autopay’
• Confirm with UPI PIN

Also read: Equities, realty, gold, FDs: Here's how to invest Rs 1 crore in this market