Merchant payment platform BharatPe has offered digital gold products for merchants on its platform. This facility has been provided by BharatPay in association with SafeGold. SafeGold is a digital platform that allows customers to buy, sell and deliver 24 carat physical gold at a 24-hour low ticket size.
The company said that merchants will be able to buy and sell 24-carat gold with purity of 99.5 percent anytime, anywhere from BharatPay app. They will be able to buy gold in rupees or grams. Gold can also be purchased for 1 rupee. BharatPe balance or UPI can be used for payment. Later on India will also add credit / debit card to the payment option.
Benefit of GST input credit also
BharatPay aims to sell 6 kg of gold till Diwali. Merchants will be able to see real-time prices of gold linked to global markets. They will also be able to avail GST input credit on the purchase of gold. Merchants can also opt for delivery of physical gold. On selling digital gold, the merchant can get the money received from the sale in the registered account of India or in his bank account.
SafeGold has appointed IDBI Trusteeship Services to protect the interests of merchants regarding the purchase of gold. The gold purchased will be safely stored in 100% insured lockers with SafeGold at no additional cost.
200 grams of gold sold on launch day
BharatPay said in a statement that with the launch of Digital Gold on the company’s platform, merchants will now be able to get a full range of financial products. BharatPay Group President Suhail Sameer said that we had received a lot of requests from merchants regarding the launch of Gold on BharatPay platform. We are seeing good response right now and have sold 200 grams of gold on the day of launch. We will add new features to it. Our goal is to establish Digital Gold as a major vertical in the near future. We are aiming to sell 30 kg of gold in the financial year 2020-21.
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