Freecharge forays into digital gold offering

This service by Freecharge is launched in collaboration with SafeGold and will enable customers to easily buy gold online, eliminating several hassles.

Freecharge forays into digital gold offering

Wednesday October 23, 2019,

2 min Read

Freecharge, a digital platform for financial services, announced the launch of Digital Gold offering for its customers. 

The startup said the service is launched in collaboration with SafeGold and will enable customers to easily buy gold online, eliminating the hassles related to transparency, security and storage of gold.

Siddharth Mehta, CEO, Freecharge, said, 

“Increasingly, the focus at Freecharge is to be able to offer a wider suite of digital financial services to its customers and become a valued partner in their financial investment journey. Digital Gold is an addition to our existing range of products.”

This will allow customers to not only purchase gold instantly online, but also enable them to determine the value they want to invest, as economically as Re 1. At any given point in time, there are active buyers of gold and hence customers can also sell the gold-holding online whenever they want and get the money transferred in their bank account, it added. 

Siddharth further added, “The onset of this festive season gives us the perfect opportunity to launch our digital gold offering. This partnership with SafeGold is another step towards augmenting customer experience. Simplifying features like instant online delivery, 24/7 access to transparent dynamic prices and minimal cost of investment, to begin with, we want to enable customers to buy, sell and store pure gold at the click of a button.”

SafeGold is a digital gold platform, which connects consumers, financial platforms, jewellers, and banks to make gold more functional and productive. The company has more than 10 million users and is backed by leading institutional investors including Invent Capital, Beenext, Pravega, and the World Gold Council.

Gaurav Mathur, Managing Director of SafeGold, said,

“Online purchase of gold is still a nascent yet fast-growing market in India. Our partnership with Freecharge will help in improving transparency and efficiency when consumers buy gold in India. The focus is on driving mass adoption at affordable ticket sizes."

Freecharge's competitors PhonePe and Paytm are already offering similar service on their platforms.

(Edited by Saheli Sen Gupta)