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MobiKwik, a leading financial services platform, has launched digital gold on its app.
With the launch of this category, all MobiKwik users will be able to buy and sell 99.5 percent purity, 24 carat gold on the app, starting at as low as Re 1.
This is the first phase of the launch and MobiKwik will be adding new features towards the end of the month, ahead of Diwali.
Commenting on the launch, Upasana Taku, Co-founder and Director, MobiKwik said, “The festive season is in its full fervour right now. This is an auspicious time for us to launch ‘Gold’ category. We are overwhelmed by the response received for this category. We have already sold 7 kilograms of gold in the first 15 days, in the limited release of the version, without any promotions.
We are extremely bullish on gold as a category and we have set a target of selling 1 tonne of gold in FY 19-20. We will be adding new offerings to this portfolio, in partnership with renowned brands in the industry. We are confident that it will be one of the key business drivers for the company”
The launch is in line with MobiKwik’s commitment to offer the entire gamut of financial services and is another offering in its fintech portfolio, after the launch of lending and wealth management products.
MobiKwik has tied up with `SafeGold’, a digital platform that allows customers to buy, sell and receive vaulted gold.
MobiKwik users have an option to buy or sell gold in terms of rupees or in grams. Post the purchase, the gold will be added to the customer’s ‘MobiKwik Gold’ account. In case of selling the gold, the customers will have an option of choosing either the MobiKwik wallet or bank account linked via UPI for the transfer of money. The customers will also have a view of the gold price trends over the last few weeks on the MobiKwik app.
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