PhonePe partners with Jar to introduce a new feature Daily Savings; allows users to save money in 24K digital gold

The microsavings platform Jar and PhonePe have partnered to launch "Daily Savings," a new feature on PhonePe's app. By making daily donations ranging from Rs 10 to Rs 5,000, consumers may save money in 24K digital gold with this function. 

The program seeks to assist people in forming a regular savings habit by encouraging tiny, gradual deposits in digital gold.

Jar's integrated Gold Tech solution powers the "Daily Savings" feature, which streamlines the process of investing in digital gold. In less than 45 seconds, the entire transaction may be finished. With this partnership, PhonePe customers may now access Jar's technology, which was previously only available to its own users. Through the arrangement, users of PhonePe may benefit from automated daily donations and quickly transfer cash and make payments.

The collaboration between Jar and PhonePe also responds to the rising need for easy and safe solutions to invest in virtual gold. PhonePe, which has over 560 million registered users, integrates seamlessly with Jar’s Gold Tech stack, ensuring that users can save and transact without any hassle. 

Compared to traditional savings, digital gold has a number of benefits, including the removal of the requirement for physical storage and the associated security risks. The user's account has digital storage for the acquired gold, which is backed up by real gold kept in safe deposit boxes.

Users now have greater freedom in managing their funds thanks to the new Daily funds function. They are free to stop or stop making daily donations at any moment, and they can exchange the gold for cash at any time. Users may also utilise Jar's exclusive brand, Nek, to turn their digital gold savings into jewellery. This gives their funds an additional level of usefulness and increases accessibility for a larger group of people.