Digital payment firms tap the ‘gold rush’ to boost transactions

Digital payments firms have been pushing their digital gold offerings, to boost transactions on their platform, capitalising on the inability of consumers to buy physical gold during the lockdown.

On the occasion of Akshaya Tritiya, on Sunday, Noida-based Paytm said that it sold a little over 37 Kgs of digital gold on its platform. While Bengaluru-based PhonePe claimed to have sold over 100 Kgs of Gold digitally, this year, as a run up to the festivities.

Flipkart-owned PhonePe also said that during Akshaya Tritiya, total digital gold transactions on the platform increased by 125% as compared to last year, and average ticket size of purchases were also up by 165%.

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