Neo bank Niyo adds gold purchases to mobile app

Source: Niyo

NiYO, a new-age digital banking solutions provider for blue-collar employees has announced the launch of ‘Digital Gold’ on its NiYO Bharat app in partnership with SafeGold.

With this launch, for the first time ever, users can buy and sell 99.5% pure, 24-carat gold using an innovative regional language app supported by Hindi Audio, starting from as low as Re 1. The launch is in line with the brand’s commitment to offer the entire gamut of digital financial services to the overlooked category of blue-collar workers.

NiYO has tied up with SafeGold, a digital platform that allows customers to buy, sell and receive vaulted gold. The new feature on Bharat app will provide better access to high-quality gold at small ticket sizes for blue-collar workers who are neglected by traditional financial service providers.

The partnership between NiYO and SafeGold creates the perfect synergy, capitalizing on the digital infrastructure provided by SafeGold,and NiYO’s platform and consumer base, to reach out to the segment of working-class individuals who do not have adequate access to gold. This will not only encourage financial inclusion but also support the nation’s successful march towards Digital India.

“Gold has always been a prized possession in India, and we are very delighted to have partnered with SafeGold to offer our customers a convenient and secure way to buy and save in the best quality gold. Our objective for launching gold on our platform was to inculcate a long-term saving habit amongst our blue-collar users, and thereby encourage financial inclusions. With the festive season around the corner, this is an opportune time for us to launch ‘Digital Gold’ for our app users.” said Vinay Bagri, Co-founder and CEO, NiYO.

Speaking on the occasion, Gaurav Mathur, MD, SafeGold,said, “India’s digital payments landscape has experienced a wide range of manifestations over the past few years. Gold being a part of almost every Indian’s investment portfolio, it is imperative for the ecosystem to devise avenues that empower every citizen to buy and sell gold digitally. We are proud to have partnered with NiYO and we look forward to helping their unique set of consumers buy and sell gold in the value of their choice.”

App users have the liberty to buy any amount of gold and sell it any time after completion of 24 hours of purchase. The users have an option to buy or sell gold in terms of rupees or in grams. After the purchase, the gold will be added to the customer’s ‘Gold’ account. Users can choose to get the digital gold in their account delivered at their doorstep in the form of a gold coin/bar.

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