The Gold – the precious, the valuable and a signature of pure richness. But what is happening now would not resonate with the above statement! Why? The people of India are now buying Gold at a price as less as Re 1. Yes, you heard it right!
The e-retailers like PayTM and PhonePe are bringing out innovative ideas to increase the lost demand for gold in the market.
Demand for gold is falling, partly as a result of government measures, higher local prices and the metal’s fading appeal among more youthful customers. That’s forcing jewelers to adapt online purchases to appeal to a more internet-savvy, younger population.
Managing director of digital platform SafeGold, Gaurav Mathur told: “A lot of people have been buying at one rupee.” “It’s a low-risk way to try the product,” he added. His company has partnered with payments apps such as Flipkart Online Services Pvt.’s PhonePe to sell gold starting at that price.
However, the buyers only get the actual delivery of the metal once they have paid in full.
“With the way the e-commerce market was shaping, we realized that digital technology will soon be the future of gold buying,” Sachin Kothari, director at Augmont, said in the statement.