MobiKwik has announced that its customers can now convert their digital gold to gold jewellery from CaratLane, both online and at any of their stores in India. In a first, this new offering in the ‘Gold’ category will enable users to purchase gold jewellery of their choice, against their digital gold balance. The feature is live for all Android and iOS users. As a part of the special Diwali offer, MobiKwik users can avail an additional flat Rs. 1000 off on the purchase of jewellery against their digital gold balance.
Exchanging gold from digital to physical through the MobiKwik app is a simple 3- step process and requires only a few seconds. MobiKwik customers can walk into a CaratLane store or visit the CaratLane website and request the purchase of jewellery in exchange for their digital gold balance. The customer will need to share their registered mobile number and the quantity of gold (in grams) they wish to redeem. Once the transaction is initiated by CaratLane, the MobiKwik user will receive an SMS with the OTP and transaction amount. On sharing the OTP with the CaratLane cashier for authentication, the desired quantity of gold will be deducted from the customer’s digital gold balance and transferred to CaratLane. For an online purchase, the MobiKwik user needs to request a call back by logging on the website.
MobiKwik had launched the digital gold category on its app last month, in partnership with SafeGold, a digital platform that allows customers to buy, sell and receive vaulted gold. Its app users had the option to buy and sell 99.5% pure, 24-carat gold on the app, for as low as Re 1. Commenting on the launch, Ms Upasana Taku, Co-founder and Director, MobiKwik said, “We have received a fantastic response to our digital gold category, launched earlier in the festive season. Diwali is considered to be one of the most auspicious times to buy gold. With this alliance, we are offering a perfect amalgamation of online and offline, wherein MobiKwik customers can purchase gold jewellery at CaratLane stores, in exchange for the digital gold balance in their MobiKwik app. We are betting big on ‘Gold’ and are hopeful that this new feature will also receive an overwhelming response from our customers.”
Added Ms. Taku, “This Dhanteras, I am going to buy digital gold on the MobiKwik app for my mother and mother-in-law and surprise them on Diwali with CaratLane jewellery purchased using my digital gold balance.”
Added Mr. Gaurav Mathur from SafeGold, “We are excited to be able to offer our customers the ability to redeem their SafeGold balance, accumulated by purchases through the MobiKwik app, at the CaratLane website and stores. This pilot gives greater functionality to our customers’ SafeGold holdings and makes SafeGold the only digital gold platform in India, and MobiKwik the only fintech platform, to provide seamless exchange in the form of jewellery.”
It is important to note that once the customer purchases gold from CaratLane through the Mobikwik app, it cannot be returned. Also, making charges for the jewellery will be additional. Any studded jewellery will have additional costs (depending on the quality of the stone used, among other factors).