UPI payments giant PhonePe partners with Jar to launch daily savings in digital gold

UPI payments giant PhonePe has announced a partnership with Jar, a micro-savings platform, to introduce a new feature called ‘Daily Savings’ on its app.

The feature allows users to save money in 24K digital gold through daily contributions, starting from as little as Rs 10 and going up to Rs 5,000 per day.

The initiative aims to help individuals develop a consistent savings habit by making small, incremental investments in digital gold.

Powered by Jar’s gold tech solution

The ‘Daily Savings’ feature is powered by Jar’s integrated Gold Tech solution, which simplifies the process of investing in digital gold. The entire transaction can be completed in less than 45 seconds.

Jar’s technology was initially exclusive to its own users, but with this collaboration, it is now available to PhonePe users as well. 

The partnership allows PhonePe users to easily transfer funds and make payments while benefiting from automated daily contributions.

Niharika Saigal, Head of InApp Categories, Consumer Payments at PhonePe, said, “We have seen a significant surge in the 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.”

Seamless and secure digital gold savings

The partnership between PhonePe and Jar also addresses the growing demand for secure and convenient ways to invest in digital gold. PhonePe, which has over 560 million registered users, integrates seamlessly with Jar’s Gold Tech stack, ensuring that users can save and transact without any hassle.

Digital gold offers several advantages over traditional savings, such as eliminating the need for physical storage and the security concerns that come with it.

The accumulated gold is stored digitally in the user’s account and is backed by physical gold stored in secure vaults.

Flexibility and ease of use for users

The new Daily Savings feature provides users with flexibility in managing their savings. They have the option to pause or cancel their daily contributions at any time and can redeem the gold for cash whenever needed.

Additionally, users can convert their digital gold savings into jewelry through Jar’s in-house brand, Nek. This adds an extra layer of utility to their savings, making it more accessible for a wide range of users.

Nishchay AG, Founder and CEO of Jar, expressed excitement about the collaboration, saying, “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.”