PhonePe becomes largest platform for buying digital gold with 35% mkt share

Walmart-owned digital payments firm PhonePe said that it has emerged as the largest platform for buying ‘digital gold’ with over 35 per cent market share. The company, which competes with Google Pay, Amazon Pay and Alibaba-backed Paytm, also said that it has seen a more than 6X jump in the volume of gold sold in the festival season this year (21 days starting from Dussehra till Diwali).

‘’PhonePe saw record sales for Gold this month on the back of the festive season,” said Terence Lucien, head, Mutual Funds and Gold, PhonePe.

He said customers are increasingly opting for digital purchases due to the ease of access, affordability and safety accentuated by the rising trust in payment platforms like PhonePe.