Mumbai, India – PhonePe, India’s leading UPI payments company, has announced a strategic partnership with microsavings startup Jar to launch a new feature called “Daily Savings” on its platform. The feature enables PhonePe’s 560+ million registered users to save money in 24K digital gold through incremental daily contributions, starting from as little as ₹10 per day, up to a maximum of ₹5,000.
The Daily Savings program, powered by Jar’s integrated Gold Tech solution, aims to help individuals develop a consistent savings habit by making small, daily investments in digital gold. The streamlined process takes less than 45 seconds to complete and is seamlessly integrated with PhonePe’s existing payment ecosystem, ensuring easy fund transfers and automated daily contributions.
Nishchay AG, Founder and CEO of Jar, expressed his excitement about the partnership, stating, “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.”
The collaboration between PhonePe and Jar comes as a response to the growing consumer preference for affordable, convenient, and secure digital gold savings options. Digital gold eliminates the need for physical storage and associated security concerns, allowing users to store their purchased gold digitally in their accounts, backed by physical gold stored in secure vaults.
PhonePe offers 99.99% purity-certified 24K digital gold from trusted partners, with over 1.2 crore customers from 19,000+ postal codes in India having already bought high purity 24K gold on the platform at transparent prices.
Niharika Saigal, Head of InApp Categories, Consumer Payments at PhonePe, commented on the launch, saying, “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.”
The Daily Savings feature offers users flexibility in managing their funds, allowing them to pause or cancel their daily contributions at any time and redeem the gold for cash whenever they want. Additionally, users can convert their digital gold savings into jewellery through Jar’s proprietary brand, Nek, adding an extra layer of utility to their savings and increasing accessibility for a wider audience.
The partnership between PhonePe and Jar signifies a growing trend in the Indian startup ecosystem, where fintech companies are collaborating to offer innovative and accessible financial solutions to the masses. By leveraging Jar’s cutting-edge Gold Tech stack and PhonePe’s extensive user base, the two companies are well-positioned to drive the adoption of digital gold savings among Indian consumers.
As more individuals recognize the benefits of digital gold as a secure and convenient savings option, the demand for such services is expected to rise. The PhonePe-Jar partnership is a prime example of how Indian startups are working together to address this demand and promote financial inclusion across the country.
In conclusion, the launch of the Daily Savings program by PhonePe and Jar marks a significant step forward in making digital gold savings more accessible and user-friendly for millions of Indians. As the Indian startup ecosystem continues to evolve and collaborate, we can expect to see more such innovations that empower individuals to take control of their financial well-being.
