The value of digital gold purchases through the unified payments interface (UPI) slowed down for the first time this year in November after the Securities and Exchange Board of India issued an advisory, cautioning investors.
In November, the value of digital gold on UPI contracted 47 per cent to Rs 1,215.36 crore from Rs 2,290.36 crore in October, according to data from the National Payments Corporation of India (NPCI). However, the volume of digital gold purchases grew 6.44 per cent to 123.42 million transactions in November from 115.95 million in the previous month.
Purchases of digital gold through UPI have been growing month-on-month in 2025 on account of payment features such as UPI Autopay, and the ability to invest small-ticket amounts daily.
In January, 50.93 million digital gold purchases with a cumulative value of Rs 761.6 crore were recorded.
On November 8, Sebi said digital gold products were outside its purview. This meant regulators could not inspect fintech players physical vaults to verify the presence and purity of the gold, as these entities operated outside regulatory oversight. It said digital or e-gold was being marketed as an alternative for investment in physical gold.
-- Ajinkya Kawale, Business Standard
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