PhonePe to offer cashback on gold purchase via its app on Akshaya Tritiya

PhonePe, India’s digital payments platform, on Wednesday announced an offer on the occasion of Akshaya Tritiya. PhonePe will offer cashback on digital gold purchased via the app on April 22, 2023. Customers can buy the highest purity 24K gold with free storage and no making charges through the app. The purchased gold is stored in bank grade insured lockers by the partner, on behalf of the customer, PhonePe said.

Gold purchases of 1 gram or more completed on April 22 will qualify for the cashback starting Rs 50 and up to Rs 500.

Digitally, PhonePe said that customers can buy 99.99 percent purity certified 24K digital gold, as offered by the partners, on PhonePe. On selling their stored gold anytime, the money is credited to their bank accounts within 48 hours.

Certified 24K gold purchased digitally carries zero making charges and is stored in free* bank-grade Gold lockers. Apart from one time purchase, PhonePe said it empowers every Indian to invest in gold digitally via SIP and helps customers invest long term systematically.

Over 1 crore customers from 19,000+ pin codes in India have so far bought high purity 24K gold on the PhonePe platform at transparent prices.

Step 1: Tap ‘Wealth’ on the bottom strip of PhonePe app homepage

Step 2: Select Gold on the Wealth screen

Step 3: Select "Buy One Time”

Step 4: Proceed by selecting “Buy in grams” and adding minimum 1g of 24K gold

Step 5: Check the final details of gold purchase and click on ‘Proceed to Pay’ via UPI. And it’s done!

Users will see the updated gold balance on the PhonePe app shortly. Post successful purchase, users will receive a cashback in their PhonePe gift card balance.