Australian fintech SendGold announce they are live in India with UPI

Australian fintech SendGold announce they are live in India with UPI

While SendGold’s Indian customers have been able to buy physical gold from SendGold via their partner PayPal, UPI (Unified Payments Interface) is an important milestone as India is one of the largest purchasers of gold worldwide, and one of SendGold’s key growth markets.

With UPI, SendGold’s Indian customers can now buy, gift and pay with Australian physical gold through a safe jurisdiction, instantly, without the friction and fees of other channels.

It also opens up SendGold to non-PayPal users across India, with a population of 1.3 billion and a growing appetite for Australian gold.

UPI is a real-time, instant payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.

On 16 August 2018, UPI 2.0 was launched, and as of March 2019 there were already 142 banks live on UPI with a monthly volume of 799.54 million transactions and a value of US$19 billion.

SendGold have been working with its partner Rapyd to roll out this money-in channel, with many new in-bound payment options to come!

As for money-out, all SendGold customers can already sell their physical gold 24/7 and redeem in over 90 currencies.

This announcement is in line with SendGold’s mission to crack open what makes global payments and owning assets so hard.

SendGold has increased its monthly transaction volume by 1200%+ since January and previously raised $4 million in equity from Australian and US investors. It’s currently raising a Series A round and recently launched a product for SMEs and SMSF trustees to invest and transact directly in gold with larger transaction limits.