Can’t afford gold coins or jewellery this Diwali? You can now buy gold worth ₹1

A gold bar is pictured in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019. REUTERS/Michael Dalder/File Photo

  • With Diwali festivities just around the corner, digital payment platforms such as Mobikwik, PayTm and Google Pay are luring Indians with smart investment option — digital gold.
  • Mobikwik has launched a festive exchange which will allow converting 1 gram of digital gold in exchange for the gold jewellery. It will also add 1 gm of digital gold in buyer’s account.
  • The offer is valid between October 23 and 28, 2019.
  • Digital gold can be bought in quantities as low as ₹1.
With Diwali festivities around the corner, digital payment platforms such as Mobikwik, PayTm and Google Pay are luring Indians with smart investment options — digital gold.

With gold soaring a six year high this Diwali, there isn’t much of a rush to buy gold. Jewellers too are trying to attract buyers with promotional offers.

Meanwhile, Mobikwik launched a festive exchange, in partnership with SafeGold. SafeGold is a joint venture between Invent Capital, a private equity firm, and World Gold Council. The ‘exchange one get one’ offer will allow converting 1 gram of digital gold in exchange for gold jewellery. Additionally, it will add 1 gm of digital gold in buyer’s account.

The offer is valid between October 23 and 28, 2019.

“Indians have always had a passion for buying gold, particularly on auspicious occasions. Demand for gold is interwoven with culture, tradition, and planning for financial protection in times of crisis,” Upasana Taku, Co-founder, MobiKwik told Zee Business.

‘Digital gold’ is the buying and selling of gold via mobile wallets and digital platforms. From gold coins and bars to gold jewellery, the platforms offer gold in digital form. The digital method allows one to buy 99.9% 24 karat gold. And it can be bought in quantities as low as ₹1 or grams digitally — which can be redeemed at a jewellery or gold store.

However, the prices of digital gold are highly volatile. So, the price is valid for merely 6 minutes.

Users can buy digital gold via online wallets and store it in online accounts — which are linked to Gold Accumulation Plan (GAP).

While the prices of gold may vary between 4%-5% on the retail price of gold from the actual price, the price variation on digital gold is said to vary between 1.5% to 2%. It can be kept for a maximum of five years and there is no extra storage cost.

Ever since the launch, the digital gold market has seen strong growth. It estimated over 80 million people who had digital accounts as of March 2019.

See also:
Snapdeal launches an e-store for Dhanteras – with gold, silver coins and more

Google Pay wants to offer Indians their favourite investment option – gold
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