SafeGold sees 5.7 million users buying digital gold in festive season: Report

Digital gold platform SafeGold saw record-high traffic across all platforms with over 5.7 million users transacting in digital gold this festive season. Interestingly, the surge was driven by male users with 81% of total transactions as compared to 19% of females who purchased digital gold during this time. Most of this traffic was driven by tier-1 cities with Mumbai in the lead followed by Hyderabad and Delhi.

The highest traffic was witnessed on Dhanteras, 22 October, between 7 pm and 8 pm. Gifting and saving in digital gold enabled users to save over ₹1,95,00,000 in making charges as per the average industry standard. A whopping 44% of all digital gold transactions were completed via UPI, with the largest ticket size of ₹5,50,000. The Gen-Zs and Millenials between the age group 18-34 led the festive surge.

According to a Mint’s report, digital gold is a mode of investing in physical gold. It is just like the regular gold, can be bought online and is stored in insured vaults by the seller on behalf of the customer. You can buy or sell 24 karat Hallmark gold for as low as ₹1.

Digital gold can be accessed via digital channels. Platforms like SafeGold enable customers to buy, sell and receive vaulted gold at low ticket sizes, around the clock, with the tap of a button. While physical gold is normally bought for jewellery purposes but cannot be considered an investing option. It covers many fees such as making charges, storage costs etc which are non-refundable to customers, making it a liability rather than an asset.