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Introduction to the New Feature UPI payments giant PhonePe has teamed up with Jar, a micro-savings platform, to unveil an innovative feature called “Daily Savings” within its app.
UPI payments giant PhonePe has teamed up with Jar, a micro-savings platform, to unveil an innovative feature called “Daily Savings” within its app. This new offering enables users to invest in 24K digital gold through daily contributions, with amounts ranging from as little as Rs 10 to Rs 5,000.
The “Daily Savings” feature is designed to encourage individuals to cultivate a consistent savings habit by making small, incremental investments in digital gold. This approach allows users to accumulate wealth over time without the pressure of large, one-time contributions.
This initiative leverages Jar’s advanced Gold Tech solution, which streamlines the process of investing in digital gold. Users can complete transactions in less than 45 seconds, making it a quick and efficient way to save. Initially exclusive to Jar’s user base, this technology is now available to PhonePe’s extensive network.
Niharika Saigal, Head of InApp Categories at PhonePe, expressed enthusiasm about the launch, stating, “We have seen a significant surge in the adoption of Digital Gold on our platform in recent years. We are thrilled to introduce Daily Savings, a product designed to facilitate bite-sized everyday savings through 24K Digital Gold.”
The partnership addresses the rising demand for secure and convenient investment options. With over 560 million registered users, PhonePe’s platform seamlessly integrates Jar’s Gold Tech, ensuring users can save and transact effortlessly. Digital gold eliminates the need for physical storage, providing users with a secure alternative that is backed by physical gold stored in secure vaults.
The Daily Savings feature offers users flexibility in managing their savings. They can pause or cancel their daily contributions at any time and redeem their gold for cash as needed. Additionally, users can convert their digital gold savings into jewelry through Jar’s in-house brand, Nek, adding practical value to their investments.
Nishchay AG, Founder and CEO of Jar, shared his excitement about the collaboration: “By offering our Gold Tech platform to PhonePe, we are enabling brands to seamlessly integrate gold savings into their services. This marks a significant milestone for Jar as we continue to empower businesses and individuals alike with simple, scalable solutions for financial fitness.”
The partnership between PhonePe and Jar not only enhances the user experience but also promotes a culture of saving in the digital age. With the “Daily Savings” feature, users can now take small, manageable steps towards achieving their financial goals while enjoying the security and benefits of digital gold.
