Digital gold gains currency

Digital payment firms such as Paytm and PhonePe, which sold digital gold, reported strong demand emerging from smaller towns and cities this year, in addition to metros.

Flipkart-owned PhonePe reported an over sixfold jump in the volume of digital gold sold on its platform, while Paytm reported a 86% jump.(REUTERS) Millions of Indians continued the age-old tradition of buying gold during Diwali this year with a new-age twist.

Consumers took to the relatively new digital gold category to avoid trips to crowded markets during the pandemic; that they could buy without a minimum purchase restriction added to the attractiveness of digital gold as the price of the precious metal hovered near a record high.

Digital payment firms such as Paytm and PhonePe, which sold digital gold, reported strong demand emerging from smaller towns and cities this year, in addition to metros. The companies saw digital gold sales rise substantially over Dhanteras […]

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