How to buy and sell gold on PhonePe

PhonePe
Popular UPI and mobile wallet app PhonePe was launched in 2016 as the first app built on the Unified Payments Interface. Over two years ago, the company said that it will allow users to buy and sell 24 Karat gold through the app.

PhonePe partnered with MMTC-PAMP for gold of 99.99% purity and Safegold with 99.50% purity versions. The rates are updated every five minutes by both the providers and the price displayed in inclusive of 3% GST.

The gold that the user buys is stored in an insured locker facility. The users can get gold coins of up to 20 grams delivered to their home. In this post, we will explain how to buy and sell gold on PhonePe.

How to buy gold on PhonePe

  • Log in to the PhonePe app.
  • At the bottom, click on ‘My Money’.
  • Under the ‘Wealth Management’ section, click on ‘Gold’.
  • Now, choose from MMTC-PAMP and Safegold.
  • View the current buying price.
  • You can enter either the amount or weight of gold you want to buy.
  • Now, click on ‘Proceed to Payment’ and complete the payment process.
How to view your gold balance

  • Open the PhonePe app.
  • At the bottom, click on ‘My Money’.
  • Click on ‘Gold’ under the ‘Wealth Management’ section.
  • Now, click on the gold provider from whom you have purchased the gold earlier.
  • At the top, you will be able to see your gold’s weight and selling value.
How to sell gold

  • Open the PhonePe app.
  • At the bottom, click on ‘My Money’.
  • Click on ‘Gold’ under the ‘Wealth Management’ section.
  • Now, click on the gold provider from whom you have purchased the gold earlier.
  • Choose the amount or weight of gold you want to sell.
  • The amount will be credited in your bank account.
How to get gold delivered

  • Open the PhonePe app.
  • At the bottom, click on ‘My Money’.
  • Click on ‘Gold’ under the ‘Wealth Management’ section.
  • Now, click on the gold provider from whom you have purchased the gold earlier.
  • Click on ‘Deliver’.
  • Select the gold coin that you want to get.
It is to be noted that you will have to pay additional charges for getting gold delivered. The charges vary depending on the provider and the coin selected.

See also:

Jewellers to sell only 14, 18, 22 carat hallmarked gold jewellery from Jan 2021: Paswan

Goldman Sachs says 'gold is a better hedge than oil' as Trump-Iran tensions heat up
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