In our latest Gold Demand Trends Q1 2019 report, we highlighted the rise of digital gold investment platforms in India. Over the last two years, a host of internet investment gold providers has sprung up in this market. PayTM Gold, PhonePe, MobiKwik, SafeGold, and the latest to join the party – Google Pay – all allow investors to buy gold via a mobile app.
And this growth should spark further interest.
Consumer research we conducted in 2016 revealed a lack of online accessibility as a potential barrier to gold investment in India. According to the research, only 13% of urban Indian investors bought gold bars or coins online.1 This was lower than for other products: 20% of all investments were bought online.2 It is likely that this was at least partly due to gold not being widely digitally accessible at the time – particularly when we consider that a majority of Indian (56%) felt that the ‘ideal’ investment could be bought online.