True Balance brings 'Digital Gold' to its targeted 1 billion Indian users

True Balance, a fintech app operated by Balancehero India, has launched digital gold, in association with SafeGold, a digital platform that allows sale, purchase and delivery of 24k physical gold, in small sizes, 24*7.

The new product will be targeted at Indians across rural and suburban cities, with minimum purchase prices as low as Re 1 and purchase times lesser than 10 minutes. With this new feature launch, True Balance aims to stay true to its mission of empowering the next billion Indian users and provide them with easy investment options.

Charlie Lee, Founder of True Balance, said, “India has traditionally considered gold to be a symbol of wealth. According to the World Gold Council, wedding purchases and other factors have helped increase India’s gold jewellery demand by 5% or ~125 tonnes, year on year. It, therefore, made complete sense for us to bring India’s favored choice of saving, gifting and wealth-building to our targeted 1 billion users across India.”

Gaurav Mathur, Founder & Managing Director, SafeGold, stated, “We are delighted to partner with True Balance to bring a meaningful savings option to customers outside of metros, and believe that digital gold can usher in disciplined and efficient savings in an asset class that is widely understood and accepted by all customers in India.”

Jatin Dawar, Head Payments & Business (India), True Balance, added, “We are already seeing more than 2,000 transactions daily on the app for this product.”

Soft launched this Diwali, the Digital Gold feature saw about 10,000 transactions in the first few days. The number of daily transactions is expected to go up to 5,000 in the coming fiscal.

The bulk of these transactions will be seen coming from Tier-II, III & IV cities across India.