PhonePe, one of the largest online wallets and payments platforms, has launched a new product through which users will be able to do SIP for gold investments leveraging UPI (Unified Payments Interface). For the unaware, SIP stands for Systematic Investment Plan. SIPs are very common and popular in the world of mutual fund investing. Users who set apart a small sum of money for investment every month rely on the SIP system of investing in getting greater returns in the future.
PhonePe has just enabled the same model of investing in gold for Indian users. What’s great about this is that users can now simply rely on UPI for making SIP investments in gold.
Users Can Start Investing With Just Rs 100
PhonePe said that users could start investing with only Rs 100 per month. The gold that PhonePe users will be investing in would be 24k gold with high purity.
This is a great opportunity for people who want to invest in gold and get greater returns in the long term. PhonePe said that users would have complete control over the SIP, and they could sell the gold whenever they want. The money for the gold sold will be credited directly into the bank accounts of the users.
For making SIP investments in gold through PhonePe, users need to first select a gold provider, mention the monthly amount they want to go with, and then authenticate the process or transaction by entering their UPI pin.
Setting up the SIP is a one-time process and without any hassle, and then users won’t have to worry about anything. Further, users can choose to redeem their cash investment in the form of a gold bar or gold coin, which will be delivered to their doorstep. This is a great offering from PhonePe and one which will make millions of Indians happy.
