Digital payments company PhonePe has announced a partnership with MMTC-PAMP to offer the purchase of gold from within its app. MMTC is Government of India, public sector trading enterprise, and PAMP SA is a Swiss company and a bullion brand. In December last year, PhonePe had partnered with SafeGold to enable customers to buy and sell gold. With the new partnership, the company says it hopes to offer choice in terms of the grade of gold (SafeGold offers 99.95% pure gold vs MMTC-PAMP's 99.99%) as well a choice of service providers. In a statement to the press, the company said that customers will have access to live Gold prices that are linked with rates in the commercial bullion market. Gold purchased on PhonePe is physically deposited into a secured vault and is fully insured at all times. If a customer needs the physical Gold, she/he can ask for it to be delivered to their doorstep. There is no mention of a withdrawal/delivery fee or minimum purchase requirement. A rush towards Gold Gold marketplaces are increasingly becoming the wealth management offering of choice for payments companies. In April last year, one of PhonePe's primary competitor Paytm had also partnered with MMTC-PAMP to launch a similar service, Paytm Gold, which allowed consumers to buy gold, which would be stored in MMTC-PAMP’s insured lockers. If consumers want delivery of gold, there’s a minimum purchase requirement of 1 gram of Gold, and an additional delivery cost, users can purchase gold in smaller denominations as…
