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Muthoot’s MD: Buying Gold On Your Mobile Will Become As Popular As Online Travel

Now, buy gold, silver through your mobile phones

Muthoot, one of India’s leading ‘Systematically Important Non Banking Financial Companies’, has recently launched a mobile app that allows customers to purchase precious metals like gold and silver using your mobile phones and tablets.

Now, buy gold, silver through your mobile phonesMany items can now be purchased from merchants online and now the new mobile application from Muthoot allows consumers to buy gold and silver. With over 15 million mobile subscribers added every month in India, the mobile app market is a booming industry with an estimated 2.5 lakh app developers.

Named ‘Muthoot Group Apps’ for Apple and Android phones and tablets aside from purchasing gold and silver it also gives investment reports.

If the popularity of mobile use continues, it is likely that in the future the sale of gold and silver coins via mobile will be as popular as internet banking, online travel and tour booking, according to George Alexander Muthoot, Managing Director of Muthoot Group.

According to a recent study at the Mobile Apps Summit 2012 in Bangalore about 100 million applications are being downloaded in India every month and that the global app market is going to grow to $17.5 billion by the end of 2012.

India is expected to have about 237 million mobile subscribers with internet capabilities by 2015.

Key Stats

  • India mobile subscribers: 15 million new subscribers every month
  • 100 million apps being downloaded every month
  • Global app market growth by end of 2012: $17.5 million
  • India’s mobile subscriber projection by 2015: 237 million subscribers with internet capabilities

George Alexander Muthoot, Muthoot Group Managing Director: “We believe that in the coming years, the sale of gold and silver coins via internet will become as popular as internet banking and online travel and tour booking. Brick and mortar branches will always remain our main channel for extending our products and services to the customers. However, with the advent of new technologies, the number of consumers using mobile devices to browse and purchase have increased over a period of time and we, as a progressive organisation are always looking out for innovative means to provide greater customer convenience.”


Covered by my Visible Banking Team


This is not the first time a financial institution enabled gold and precious metals trading via online / mobile banking.  One of the most innovative banks in the world, Fidor Bank introduced a similar service earlier this year.

So, do you agree with Muthoot’s Managing Director?  Do you think that any time soon buying gold or silver on mobile will become as popular as online travel?

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