PhonePe users can now convert digital gold to tangible jewelry
What's the story
PhonePe, a digital payments company, has teamed up with jewelry brand CaratLane to enable customers to buy jewelry using their accumulated digital gold.
This innovative partnership aims to change the way people purchase and gift stunning everyday jewelry.
"We are confident that this partnership will transform the way people invest in gold," stated Sonika Chandra, Chief Business Officer - Consumer Payments at PhonePe.
Details
Redeeming digital gold for jewelry and additional benefits
Customers who have invested in 24K digital gold on PhonePe can now redeem it for their choice of jewelry at CaratLane and receive up to 7% extra bonus on the redemption amount (7% for diamond jewelry, 4% for gold jewelry, and 2% for gold coins).
This offer is valid until the end of the month.
"The whole point of building the digital gold business is to provide a simpler cost-effective solution to consumers," said Avnish Anand, CEO of CaratLane.
What Next?
Steps to convert digital gold into jewelry on CaratLane
To exchange digital gold for jewelry on CaratLane, customers can visit a retail or online store, select their desired jewelry, and redeem their digital gold at checkout by verifying their account.
They can pay fully or partially with digital gold.
Through this partnership, PhonePe and CaratLane offer 99.99% purity-certified 24K digital gold.
Customers can trade their gold balance for jewelry at any CaratLane store, online or through their CL Live and Try At Home services.