PhonePe partners with Jar to launch Daily Savings in Digital Gold

National, 30 September 2024: PhonePe, today, announced its partnership with Jar to launch its new product offering ‘Daily Savings’ on its platform, enabling users to save money in 24K digital gold through incremental daily contributions. With Daily Savings, users can set aside as little as ₹10 per day, up to a maximum of ₹5000 per day in digital gold, empowering individuals to build a consistent savings habit.

The product is powered by Jar’s integrated Gold Tech solution that streamlines the digital gold investment process in just under 45 seconds. Initially exclusive to users within its ecosystem, Jar’s Gold Tech stack is now available to partner businesses who can provide their users with the ability to save in digital gold. Jar’s integration with PhonePe’s existing payment ecosystem ensures easy fund transfers and payments. Automated daily contribution makes it easy to save consistently without manual intervention. Users have the option to pause or cancel their Daily Savings anytime or redeem the gold for cash whenever they want.

PhonePe has seen a growing consumer preference for affordable, convenient and secure digital gold savings options. Furthermore, Digital Gold eliminates the hassle of worrying over security and logistics, allowing for a shift in consumer behaviour. This strategic alliance combines PhonePe’s strong user base of 560+ mn registered users with the Gold Tech stack of Jar to seamlessly handle a significant volume of transactions, ensuring that users can transact with ease and security.

Speaking on the launch of the new product, Niharika Saigal, Head of InApp Categories, Consumer Payments, says, “We have seen a significant surge in adoption of Digital Gold on our platform in recent years. We are thrilled to introduce Daily Savings, a product designed to facilitate bite sized everyday
savings through 24K Digital Gold. By starting small and saving consistently, individuals can progressively work towards achieving their financial goals.”

“We are excited to expand Jar’s capabilities beyond our own platform and offer 360 degree services around gold savings, while also enabling users to convert their savings into jewellery through our in-house brand, Nek.” said Nishchay AG, Founder and CEO, Jar. “By offering our Gold Tech platform to PhonePe, we are enabling brands to seamlessly integrate gold savings into their services. This marks a significant milestone for Jar as we continue to empower businesses and individuals alike with simple, scalable solutions for financial fitness, making gold savings more accessible than ever.”

PhonePe offers 99.99% purity-certified 24K Digital Gold from leading and trusted partners, with over 1.2 Crore customers from 19,000+ postal codes in India having bought high purity 24K gold on the PhonePe platform at transparent prices. The accumulated gold is stored digitally in the user’s account, backed by physical gold stored in secure vaults.

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 560+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 280+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

For more details, contact: [email protected]

About Jar:

Jar is India’s premier financial fitness platform, guiding millions toward smarter savings with effortless ease. Leveraging the power of UPI 2.0, Jar enables users to save fixed amounts daily in digital gold starting with just ₹10. Users also have the freedom to withdraw their savings as cash, have physical gold delivered to their doorstep, or invest in jewellery through our exclusive brand, Nek.

Backed by top investors like Tiger Global, Arkam Ventures, and Tribe Capital, Jar is reshaping how gold is accessed and managed, both for everyday users and businesses. Our Gold Tech platform is built to support and empower businesses by seamlessly integrating gold savings into their offerings for real-time, secure, and scalable transactions.