PhonePe has introduced a special cashback promotion for purchasing 24K digital gold in celebration of Dhanteras and Diwali. PhonePe provides 24K gold with 99.99% purity from reputable brands such as MMTC-PAMP, SafeGold, and Caratlane. Customers can receive a guaranteed cashback of up to Rs 2,000 by buying a minimum of Rs 1,500 worth of digital gold.
This promotion is available from October 29 to November 1, 2024, and is valid for one-time purchases, limited to once per user.
In addition to one-time purchases, users can also consider investing in gold through a Systematic Investment Plan (SIP) for long-term financial planning. The purchased gold is stored securely in digital accounts and is backed by physical gold stored in safe vaults. Funds from sales will be transferred to the user’s bank account within 48 hours of the transaction.
What is Digital Gold?
Digital Gold is an online investment opportunity that allows individuals to electronically purchase and invest in gold. Unlike traditional gold investments, which typically involve the physical purchase of gold bars, coins, or jewelry, digital gold provides the option to own gold in a digital form. This digital gold offering includes 24K gold with a purity level of 999.9, offering a way to hedge against market fluctuations.
The concept of “digital gold” represents a contemporary approach to investing in gold without the need for physical possession. Investors can securely buy, sell, and store their gold in digital format. This online investment option can be accessed through various platforms, providing investors with the ability to purchase fractions of physical gold that are securely stored in vaults.
According to a recent survey conducted by Moneyview, the majority of young Indians are opting for digital gold platforms for their precious metal investments due to the convenience and accessibility they offer. The survey also revealed that while high-income groups still prefer physical gold purchases, there is a growing trend among the middle class towards digital gold investments. This shift is particularly prominent in urban areas where digital literacy and internet access are more prevalent. The survey found that 65% of millennial respondents and 75% of those under 35 have a preference for digital gold over physical gold, citing reasons such as liquidity and convenience.
Furthermore, the survey indicated that 85% of participants view gold as a valuable asset for wealth preservation, while 70% believe it to be a secure investment that encourages saving habits. This data underscores the increasing popularity of digital gold platforms among young Indian investors and highlights the growing importance of digital solutions in the investment landscape.
To access the cashback offer on PhonePe:
Navigate to the ‘Gold’ section on the PhonePe homepage.
Click on ‘Buy One Time.’
Select “Buy in Rupees” and input a minimum of Rs 1,500.
Verify your information and proceed with the payment.
Read More: Dhanteras-Diwali offers: PhonePe comes up with new cashback deal on digital gold