PayPoint launches e-gold for Low-Income Rural Families
Although there are many ways to buy gold, electronic or digital gold is becoming increasingly popular in Indian cities. However, the demand for online gold in the rural market remains low due to the lack of digital knowledge and awareness.
In light of these shortcomings, PayPoint launched eGold on its platform – a network of more than 48,000 physical last mile stores – to make the investment process easier and safer for rural families. The aim of the initiative is to enable technically unskilled customers to easily buy and sell gold electronically with the help of PayPoint shop assistants. Individuals can buy 22-carat gold for a price up to Rs. 500.
With e-gold you can buy non-physical or digital gold in small quantities, even without opening a demo account. In this way, customers can avoid the inconveniences associated with the purchase of physical gold, such as B. Identifying the legitimacy and purity of physical gold, the large size of the notes, storage, safekeeping, and other matters.
However, when an individual purchases gold electronically from nearby retail stores or Kirana branches connected to PayPoint, an equivalent amount of physical gold is purchased and stored in government-approved secure safes on behalf of the customer. Moreover, Axis Bank is the custodian of these safes. These are consumer protection measures.
Ketan Doshi, Managing Director of PayPoint India, indicated that the cost of owning physical gold in the form of bars, coins or jewellery is high, as gold is currently sold for around EUR 5,100 per gram. For example, we want to push the concept of electronic gold with small denominations to the limit, thus encouraging low-income households to opt for regular micro-savings.
Ketan Doshi, Managing Director, PayPoint India
In these unprecedented times in which COWID-19 operates worldwide, the need for security has become a priority. With the e-Gold SIP, individuals can gradually become richer, even with limited income, and achieve financial security in difficult times, he added.
During a pilot project with some retailers, PayPoint was strongly adopted by customers who opted for daily, weekly and monthly investments. This response reaffirmed PayPoint’s commitment to bringing financial products to the last mile.
PayPoint enables transparent pricing by allocating or repurchasing investments at the price of gold in real time. With excellent purchasing flexibility, high liquidity, a long-term horizon and security, investing in electronic gold is truly one of the best ways to invest for customers at the bottom of the pyramid.
About PayPoint India Network Pvt. Ltd.
PayPoint is a technology-based distribution network for financial services. The company’s network of offline branches, with more than 48,000 digital connections, offers a variety of financial services such as banking (PMJDY accounts), ATMs, wallets (Paypointz), money transfers, payments from accounts, insurance, merchant RQs and many more. In addition to financial services, PayPoint also offers consumer services to understaffed populations through its strong network of shops across the country, such as B. Travel bookings, top-ups, Amazon purchases, gift vouchers, etc. The company’s retail-focused business model helps customers make informed decisions about the use of its trained partners and digital platform.
PayPoint offers a whole range of services thanks to its plug-and-play platform. More than 100 service providers are connected to the company’s system and communicate with them in real time. They serve more than 4 million customers per month. The main objective is to bridge the financial inclusion gap between developed urban India and India’s undervalued rural areas.
For more information please visit: paypointindia.com
Get stories of change makers and innovators from the startup ecosystem in your inbox