MobiKwik launches digital gold on its app

KOLKATA: Digital financial services platform MobiKwik on Monday announced the launch of digital gold on its app. The launch is in line with the brand’s commitment to offer the entire gamut of financial services and is another offering in the fintech portfolio by MobiKwik, after lending and wealth management. With the launch of this category, all MobiKwik users will be able to buy and sell 99.5% purity, 24 carat gold on the app, starting at as low as Re 1. This is the first phase of the launch and MobiKwik will be adding new features towards the end of the month, ahead of Diwali.

As the festive season has set in, MobiKwik has tied up with `SafeGold’, a digital platform that allows customers to buy, sell and receive vaulted gold. MobiKwik has created a separate category called `Gold’ on its app. App users have the liberty to buy any amount of gold and can sell it any time post completion of 24 hours of purchase. The users have an option to buy or sell gold in terms of rupees or in grams. Post the purchase, the gold will be added to the customer’s ‘MobiKwik Gold’ account. In case of selling the gold, the customers will have an option of choosing either the MobiKwik wallet or Bank account linked via UPI for the transfer of money. The customers will also have a view of the gold price trends over the last few weeks on the MobiKwik app.

Commenting on the launch, Ms Upasana Taku, Co-founder and Director, MobiKwik said, “The festive season is in its full fervour right now. This is an auspicious time for us to launch ‘Gold’ category. We are overwhelmed by the response received for this category. We have already sold 7 kilograms of gold in the first 15 days, in the limited release of the version, without any promotions. We are extremely bullish on gold as a category and we have set a target of selling 1 tonne of gold in FY 19-20. We will be adding new offerings to this portfolio, in partnership with renowned brands in the industry. We are confident that it will be one of the key business drivers for the company.”

Added Ms. Taku, “Our objective for launching gold was to inculcate a daily saving habit amongst our users. MobiKwik app users can now buy gold for as less as Re. 1, and hence, they do not have to wait to save thousands of rupees to be able to buy physical gold from offline stores. Also, it is very simple as well as convenient and any customer can buy or sell gold within 60 seconds, via the MobiKwik app.”

The development was reported by

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