Money & Banking

BharatPe launches digital gold on its platform

Our Bureau. New Delhi | Updated on October 27, 2020

BharatPe, a leading merchant payment network, has announced the launch of digital gold on its platform. The launch of this new category of fintech product is in line with the company’s commitment to offer the entire gamut of financial products to Small and Medium Enterprises (SMEs).

Through this latest offering, BharatPe’s merchants will be able to buy and sell 99.5 per cent pure24-carat gold. Merchants can choose to buy in rupees or grams, any time of the day and from anywhere, by using the BharatPe app.

To facilitate this, BharatPe has also partnered with Safegold, a digital platform that allows customers to buy, sell and receive vaulted gold. SafeGold has appointed IDBI Trusteeship Services to protect the interest of merchants with regard to their gold purchases. BharatPe aims to sell 6 kg of gold leading up to Diwali.

Suhail Sameer, Group President, BharatPe, said in a statement: “With festive season in full vigor, BharatPe offers the convenience of buying/ selling gold to its merchants via our app. We are already seeing great response and have sold 200 grams of gold on the day of the launch. We will be adding new features to this, and aim to build digital gold as one of the key verticals in the near future. We are targeting selling 30 kg of gold in FY21.”

The launch of BharatPe Gold has been timed to add to the celebrations this festival season. A merchant can start investing in gold for as low as ₹1. The merchant can choose to pay via BharatPe balance or UPI, as per his preference. BharatPe will be adding credit/ debit cards as payment options in the near future.

Gold price

The merchant will have a real-time view of the gold price linked with global markets on the BharatPe app. Post the purchase, gold will be added to the merchant’s BharatPe Gold section. The merchant can also avail the benefit of GST tax input credit when they buy gold on theapp. The gold purchased is kept safely at the 100 per cent-insured lockers with Safegold at no extra cost.

Also, a merchant can check his gold balance by viewing the Gold Locker section on the app. He can also opt for delivery of physical gold powered by Safegold, by choosing the relevant option in the Gold Locker section of the BharatPe app. If a merchant wants to sell gold, he can do that in a few seconds on the BharatPe app. While selling gold, he has to option of choosing BharatPe’s registered account or his bank account for the credit.

Published on October 27, 2020

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