Jar and UPI Payments Giant PhonePe Announce New Digital Gold Daily Savings Program

Nitin Konde, Apoorva Bajj

Oct 2, 2024 — 2 min read

Jar and UPI Payments Giant PhonePe Announce New Digital Gold Daily Savings Program

The leading UPI payments company PhonePe has announced a collaboration with microsavings startup Jar to launch a new feature on its app dubbed "Daily Savings."

With the use of this function, users can save money in 24K digital gold by making daily donations that range from INR 10 to 5,000. With little incremental investments in digital gold, the program seeks to assist people in forming a persistent savings habit.

Run by Jar’s Cutting-Edge Technological Solution

Jar's integrated Gold Tech solution powers the "Daily Savings" function, making investing in digital gold easier. It takes less than 45 seconds to complete the full transaction. Jar's technology was previously only available to its own users, but thanks to this partnership, PhonePe users can now utilise it as well. Users of PhonePe may now effortlessly send and receive money while taking advantage of automated daily contributions thanks to this arrangement.

The use of Digital Gold on PhonePe's platform has increased significantly in recent years, according to Niharika Saigal, Head of InApp Categories, Consumer Payments. PhonePe is excited to present Daily Saves, a product that uses 24K Digital Gold to enable small, regular savings. People can gradually work towards reaching their financial objectives by starting small and saving regularly.

Digital Gold Savings Made Easy and Safe

A further goal of PhonePe and Jar's relationship is to meet the growing need for easy and safe ways to invest in digital gold. Jar's Gold Tech stack effortlessly interacts with PhonePe, which boasts over 560 million registered users, enabling hassle-free saving and transaction for users.

Compared to traditional savings, digital gold has a number of benefits, including the removal of the requirement for physical storage and the associated security risks. The user's account contains digital storage for the acquired gold, which is backed up by real gold kept in safe deposit boxes.

Users’ Convenience and Adaptability

Users now have greater freedom in managing their funds thanks to the new Daily Funds function. They are free to stop or stop making daily donations at any moment, and they can exchange the gold for cash at any time.

Users can also use Jar's proprietary brand, Nek, to turn their digital gold savings into jewellery. This gives their funds an additional level of usefulness and increases accessibility for a larger group of people.

By providing PhonePe with Jar's Gold Tech platform, the company is allowing the payment gateway to easily include gold savings into their services, according to Nishchay AG, Jar's founder and CEO. He was enthusiastic about the partnership. This is a big step forward for Jar since it makes gold savings more accessible than ever before by providing straightforward, scalable financial solutions to both individuals and organisations.