In that sense PhonePe has introduced the ability to buy gold through the SIP scheme through its processor. It has been announced that every user of PhonePe can invest a certain amount of 24 carat gold per month and the gold invested by the users will be maintained in the bank locker.
How to invest?
PhonePe has announced in its statement that it can make monthly investments with the UPI PIN number through the PhonePe processor and that once the gold is invested through the SIP it will be automatically invested monthly.
Can also be converted into cash
It also announced that users could sell the gold they bought at any time and convert it into cash in their bank account and borrow the gold they bought.
Door delivery facility
PhonePe also offers the facility of home delivery of gold in cash or in cash. With 380 million users currently on the PhonePe processor, it is expected that most of them will invest in gold through SIP.