Bengaluru: Phonepe has partnered with Jar, a micro-savings platform, to launch a new feature called ‘Daily Savings’ on its app. The feature will enable users to save money in 24K digital gold through daily contributions, starting from as little as Rs 10 and going up to Rs 5,000 per day. The initiative aims to help people develop consistent saving habit by making small, incremental investments in digital gold.
The ‘Daily Savings’ feature is powered by Jar’s integrated Gold Tech solution, which aims to simplify the process of investing in digital gold. This technology was initially only for Jar’s users but with the current collaboration, it will now be available to PhonePe customers as well. The partnership allows PhonePe users to easily transfer funds and make payments and also benefit from automated daily contributions.
The partnership also aims to address the growing demand for safe and convenient ways to invest in digital gold. The saved gold is stored digitally in a user’s account and is backed by physical gold stored in secure vaults. The users have the option to pause or cancel their contributions at any time. Additionally, they can convert their digital gold into jewelry through Jar’s in-house brand, Nek.
Niharika Saigal, Head of InApp Categories, Consumer Payments at PhonePe, talking about the significance of this initiative for customers stated that by starting small and saving consistently, individuals can progressively work towards achieving their financial goals.
Discussion about this post