Digital Gold via UPI Hits ₹2,290 Crore in October 2025

TL;DR Digital gold purchases through UPI hit a record ₹2,290 crore in October 2025, a 62% jump from September 2025. Dhanteras on 15 October 2025 significantly boosted demand, but the broader trend reveals a shift in how Indians prefer to buy and store gold. UPI has turned gold buying into a digital-first experience by offering ease of use, fractional ownership and instant liquidity. The muted rise during Akshaya Tritiya on 30 April 2025 suggests that many still associate auspicious occasions with physical gold.

Context
For years, buying gold meant crowded showrooms, long queues and festive chaos. In 2025, the experience looks slightly different. With a few taps on apps such as Paytm, PhonePe, Groww, DigiGold and Tanishq, millions of Indians now buy gold from the comfort of their homes, often in quantities as low as one rupee. This shift is not only changing purchasing habits, but it is also redefining the cultural ritual of buying gold.

Who Compiles This Data?
The National Payments Corporation of India maintains monthly UPI Merchant Category Classification data, which includes merchant category codes for various transactions.

Where can I download Clean & Structured Data about UPI Transactions?
Clean, structured, and ready-to-use datasets related to UPI transactions across years are available on Dataful.

Key Insights

Dhanteras Pushes Digital Gold through UPI to All-Time High
October 2025 saw the highest digital gold purchases recorded through UPI. The transaction value climbed to ₹2,290 crore, which is a 62% rise from September’s ₹1,410 crore. Transaction volume also increased from 103 million to nearly 116 million.

This growth coincided with Dhanteras on 15 October 2025, a key gold-buying day across India. Digital gold buying through UPI had already been rising from ₹978 crore in April 2025 and crossed ₹2,290 crore in October 2025. Dhanteras accelerated this upward trend, increasing both the number of buyers and the value of each purchase. The data shows that even deeply traditional buying rituals are now shifting to digital platforms, with UPI emerging as the primary mode for festive gold investments.

Akshaya Tritiya Fails to Lift Digital Gold Sales
In contrast, Akshaya Tritiya, observed on 30 April 2025, did not trigger any rise in digital gold activity through UPI. April’s value remained at ₹978 crore, almost identical to May’s ₹983 crore. Even though interest in digital gold has been growing, this festival continues to be associated with buying physical gold, such as jewellery and coins, which families often purchase together as part of a traditional ritual.

An important shift in the data also highlights changing consumer behaviour. Until April 2025, digital gold was classified under the “All Other Categories,” but from May 2025, it moved into the “Medium Transacting Categories,” reflecting consistent growth in both volume and value. Despite this upward trend, the lack of a festival spike during Akshaya Tritiya shows that digital gold is still seen primarily as an investment product rather than a ceremonial purchase.

What Makes Digital Gold Attractive
Buying gold no longer requires crowded showrooms or long waits on festive days. The convenience is unmatched. Key advantages driving adoption include:

Instant, frictionless purchase: A few taps on UPI replace hours spent in busy stores.
Fractional ownership: Buy gold from ₹1 to ₹2 lakh, giving access to every income bracket.
High liquidity: Digital gold can be sold instantly; no purity deduction, no melting losses, no bargaining.
Guaranteed purity: Backed by entities like MMTC-PAMP and SafeGold, eliminating concerns about adulteration.
Safe during emergencies: Quick liquidation makes digital gold a preferred short-term safety asset.

These advantages matter even more as rising gold prices push consumers toward smaller, frequent purchases enabled by UPI-based digital gold.

Before You Buy: SEBI Alerts Public About Digital Gold Risks
On 8 November 2025, SEBI cautioned the public that digital and online gold products are not regulated investments. Gold ETFs, Electronic Gold Receipts and exchange-traded gold derivatives are governed by SEBI rules, but digital gold is not classified as a security and falls outside SEBI’s oversight.

SEBI stated that digital gold may involve risks related to counterparty operations and the absence of investor protection. If a platform shuts down, investors might face difficulty redeeming their holdings. SEBI advised investors to be aware of these risks and consider regulated gold products for safer long-term investments.

Why Does It Matter?
The rise of digital gold reflects how technology is reshaping financial behaviour in India. Understanding these trends helps consumers make informed choices about convenience, risk and long-term value. As digital gold becomes more popular, awareness of its advantages and limitations becomes essential for protecting investors and guiding policy conversations around future regulation.

Key Numbers (2025-26)