Which are the main players of Digital Gold in India?

 

Main Players of Digital Gold in India: A Complete Detailed Guide

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Introduction

Digital Gold has become one of the most popular investment options in India over the last few years. It allows investors to buy 24K pure gold online in small quantities—starting as low as ₹1 or ₹10—while ensuring secure vault storage, transparent pricing, and easy redemption. This modern investment solution eliminates the need to physically store or protect gold, making it ideal for millennials, retail investors, and digital-first consumers.

India’s digital gold ecosystem has grown mainly due to three major private gold providers and a few fintech companies that distribute gold through partnerships. Understanding the key players in this industry is essential for businesses, investors, and platform owners who want to enter the digital gold space.

This article explores the top digital gold players in India, their business models, features, offerings, strengths, and market presence.

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1. Augmont Gold For All

Overview

Augmont is one of India’s largest integrated precious metals companies. It operates across the entire gold value chain—from refining to retail. Its brand Augmont Gold For All has become one of the fastest-growing digital gold providers, supplying both digital and physical gold products to retailers, jewellers, fintech platforms, and end consumers.

Key Features

• 24K 999 purity gold backed by physical supply

• Secure vault storage with full insurance

• Instant buy/sell with real-time pricing

• Gold SIP (Systematic Investment Plan)

• Physical redemption available (coins and bars)

• White-label and API partnerships for businesses

Strengths

• End-to-end gold ecosystem: refinery, wholesale, retail, logistics

• Trusted by major jewellers & fintech apps

• Strong B2B presence

• Robust API architecture

Who Uses Augmont?

• Fintech apps

• Neobanks

• Jewellery brands

• E-commerce platforms

• Investment portals

Augmont is particularly known for its speed of settlement, transparent pricing, and high-quality gold products, making it one of the top digital gold players in India.

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2. MMTC-PAMP

Overview

MMTC-PAMP is arguably the most widely recognised name in digital gold. It is a joint venture between MMTC Ltd. (Govt. of India) and PAMP Switzerland, the world's leading bullion brand. It is known for offering world-class gold and silver products with global quality standards.

Key Features

• 99.99% pure 24K gold (4-nines purity)

• LBMA-accredited refinery (London Bullion Market Association)

• Globally certified bars and coins

• Secure and insured vault storage

• Industry-leading transparency

• Trusted brand due to government linkage

Strengths

• Highest quality and purity among all digital gold providers

• Strong international trust and certification

• Deep experience in metals refining

Who Uses MMTC-PAMP?

• Google Pay

• Paytm

• PhonePe

• Amazon Pay

• Banks & financial institutions

MMTC-PAMP enjoys the largest distribution reach in the digital gold market due to its partnerships with India’s biggest fintech platforms.

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3. SafeGold (Mumbai-based Digital Gold India Pvt. Ltd.)

Overview

SafeGold is a technology-driven digital gold provider known for innovative gold investment products and easy API integration. Its digital gold vaulting and settlement system is approved and trusted by many top Indian fintechs.

Key Features

• 24K 999 purity gold

• Fully allocated gold stored in secure vaults

• Customer ownership is legally strong (gold is held by an independent trustee)

• SIP offerings

• Buy, sell, and convert into physical coins

Strengths

• Very strong tech infrastructure

• Transparent audits and compliance

• Flexible integration options

Who Uses SafeGold?

• PhonePe

• Razorpay

• Airtel Payments Bank

• BankBazaar

• Groww (earlier)

SafeGold is known for its technology-first approach, making it a preferred choice for digital-first fintech companies.

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4. Paytm Digital Gold (Powered by MMTC-PAMP)

Overview

Paytm itself is not a digital gold refiner but acts as a large-scale distributor of MMTC-PAMP digital gold. With millions of daily active users, Paytm has helped digital gold become mainstream in India.

Key Features

• Buy/sell gold instantly

• Gold SIP

• Redeem gold coins

• Guaranteed purity because of MMTC-PAMP backing

Strengths

• Extremely vast user base

• Simple and intuitive UI

• Quick transactions

Paytm's strong brand presence amplifies digital gold reach across India.

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5. PhonePe Digital Gold (Powered by SafeGold & MMTC-PAMP)

Overview

PhonePe partnered with both SafeGold and MMTC-PAMP to offer a dual-provider solution. This helps users choose a preferred brand and increases reliability.

Features

• 24K gold purchase with real-time rates

• Redemption options

• SIP in gold

• Multi-provider flexibility

PhonePe is considered one of the biggest volume drivers of digital gold in the retail segment.

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6. Google Pay Digital Gold (Powered by MMTC-PAMP)

Overview

Google Pay offers digital gold through MMTC-PAMP. As one of the biggest UPI apps in India, Google Pay plays a huge role in mass adoption.

Features

• Buy gold as low as ₹1

• Redeem coins delivered home

• Gold locker system

• Transparent pricing

Google Pay’s trust factor gives digital gold a strong mainstream acceptance.

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7. Banks & NBFCs Offering Digital Gold

Many banks and NBFCs have also entered the digital gold space by partnering with SafeGold, Augmont, or MMTC-PAMP.

Prominent players include:

• Axis Bank

• Federal Bank

• Fincare

• Muthoot

• HDFC Securities (earlier partners)

They use backend APIs from the main providers.

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8. Emerging New Players in Digital Gold

Apart from the top 3 refiners/providers, new businesses have started providing value-added gold investment features.

A. Jar App

Specializes in micro-savings through rounding off UPI transactions and investing in digital gold (powered by SafeGold).

B. Paytm Money

Enables investors to buy/sell small quantities of digital gold.

C. Indiagold

Offers gold loans and digital gold (innovative hybrid model).

D. Bullion Trading Firms & Jewellers

Many jewellers like:

• Tanishq

• Kalyan Jewellers

• Malabar Gold

now have their own digital gold programs (often powered by external gold providers).

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9. Comparison of Main Digital Gold Players

Player / Provider	Purity	Strength	Target Market
Augmont	999	Strong B2B + physical delivery	Fintech, jewellers, e-commerce
MMTC-PAMP	999.9	Highest purity & global standards	Mass retail & premium customers
SafeGold	999	Tech-first, strong audits	Fintech apps & digital startups
PhonePe	999	Large distribution	Retail investors
Paytm	999.9	Huge user base	Retail + small investors
Google Pay	999.9	Trusted UPI ecosystem	Urban digital users

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10. Conclusion

The digital gold industry in India is dominated by three primary providers:

• Augmont

• MMTC-PAMP

• SafeGold

All other apps—such as PhonePe, Google Pay, Paytm, and many banks—operate as distribution partners using APIs from these main players.

The market has shown rapid growth because digital gold is:

• Affordable

• Pure

• Transparent

• Easily accessible

• Securely stored

• Redeemable anytime

With India’s increasing digital adoption and preference for gold as a secure investment, the digital gold industry will continue to expand, offering more innovative products like fractional gold ownership, gold-backed lending, and gold-based savings schemes.