Online investing has become a go-to thing in the present scenario. Isn’t it? We all are investing in many things online, be it in the stock market, finances, real estate, banking, etc. One of them is investing in gold online. The one platform that has been in talks regarding investment in gold digitally through our savings is Jar app. Let’s see how Jar business model works and it makes money?
Thinking of investing in gold and managing your finances and savings along with it? Then this app platform will surely help out both the new comer and already existing players in the market of investing in gold.
Let’s get started with the discussion of Jar business model!
Jar Company : Overview
The first of its kind app, that allows investing in digital gold and lets you save money too. The app works on the factor that – it takes spare change from online transactions of the users and automatically invests it in digital gold.
This app has made technology even more simplified and is helpful a bit more in managing online transactions and digital banking. This app also acts as and is referred to as the ‘Digital Piggy Bank’, which lets its users be updated and familiar with new ways of online investments and money saving ways.
The company follows and stands with a quote, “Save your money today and your money will save you tomorrow.”
|Company name||Jar App|
|Founders||Misbah Ashraf and Nishchay AG|
|Headquarter||Bengaluru, Karnataka, India|
|Legal name||ChangeJar Technologies Pvt. Ltd|
|Type of company||Fintech|
|Valuation (2023)||$305 million|
|Revenue (2023)||$5.7 million|
|Funding (2022)||$62.5 million|
- The company wants to make people familiar again with the concept of piggy bank, but in a digital way.
- The company reached its first milestone with 0.5 million customer base, within just 3 months of its establishment.
- The company embarked on their journey with a single mission – to help people with their savings journey and to give them an upper hand in their digital investments.
- Today the company has nearly 1.5 crore+ customer base, and is continuously making new innovations.
- The app does have a user-friendly website that helps its users and the newcomers to the site to navigate well through the website and all its features and plans.
- The Jar app is said to be 100% safe and secure for investments and daily savings in gold. It is backed by safe gold service providers like SafeGold, Brinks, etc.
- To use the Jar app, no KYC is required, just a simple one-step new register sign in is required to get started savings with Jar app.
- Jar app provides three ways in which you want to save your money. The ways are – save via digital savings, round offs savings or the manual savings.
- Helps with withdrawal anytime feature, automated system, ways of investing, to name a few.
Note: We have a detailed article on other online stock investments platform, like Angel One. To know more about it and gain insights of it, do visit our article, Angel One Business Model.
How Does Jar App Works?
Jar, the fintech startup primarily works on the B2C model, and provides a platform that does automated savings and gold investments through spare change on online transactions.
Jar business model of involves its various strategies and plans. Jar app acts as a bridge between the users and saving money and gold investments, simplifying the digital investments and saving process.
Making everything transparent and all solutions available on one platform. The app does offer a range of investment ways, plans, digital calculator, loan facility, etc.
Key Factors That Contributes To The Working Of Jar Business Model
Auto-Save money – The Jar app itself auto saves your money whenever you make online payments or transactions and invests it in digital gold. Whenever an online payment is made, the jar app itself rounds off the payment to its nearest 10th digit and saves the difference of it i.e. the spare change, and invests it in digital gold.
Save Daily feature – This digital piggy bank and a micro savings platform, helps you save your money daily in small amounts. You don’t need to specifically go and select the save money option, Jar app itself auto saves money without stressing you out.
Auto-Investment – The app helps with auto save money, it also makes you stress free about your investments practice. This feature is a boon for those who love investing and secure money for future perspectives. Your savings can be automated into digital gold investments.
Gold Withdraw anytime – With this app by saving small amounts of money in digital gold, you can reach a target set by you to buy gold ornaments. With the withdrawal any time feature you can sell your digital gold anytime and can withdraw that money to buy the physical gold ornaments.
Additional perks – Jar app provides additional features like no minimum lock-in period for withdrawal, that means you can either sell or withdraw your gold after 24 hours of investment. They also provide the facility of delivering gold coins at doorstep.
Secure platform – The platform provides safe and secure investments and is backed by trusted gold service providers. It provides a platform that makes investing in gold a safest option.
How Does Jar App Make Money?
Jar app does have some factors that contribute to its revenue generation. This can include the commission earnings, collaboration with gold investors, different plans prices, various strategies, etc.
Here Are Some Factors Of How Jar App Make Money
Commission earning – Jar app gets its commission earnings from the gold service providers on the app. Whenever a spare change investment is made into digital gold, it gets the commission from the gold providers. Like on SafeGold platform the Jar app gets around 2.4% of commission from the gold service provider, for every investment a user makes on it.
GST imposed – Jar app doesn’t charge commission from its users to use the app, it only charges around 3%GST and a nominal amount of fees is charged for insurance and locker to safely store the gold digitally.
How To Use Jar App?
This micro-saving platform is easy and simple to use, with few steps and instructions. With four steps you can easily register on the app and can invest & save in digital gold.
|FIRST STEP||To create your account, login with your phone number on the app.|
|SECOND STEP||To link Jar app with your online transactions or payments, |
set up a UPI autopay from your payment app like PhonePe, Paytm,
|THIRD STEP||From here, Jar will automatically save money from online payments|
at the best gold rate.
|FOURTH STEP||For withdrawing gold from your Jar account, just click on the |
“Withdrawal Funds” option to instantly sell gold from
your Jar account and the money will be transferred to your e-wallet.
Two things that are most important for creating a Jar account are – a valid phone number and a bank account with UPI linked to any payment app like PhonePe, Paytm, or any other UPI service.
In Jar app KYC verification is required only –
- If you have bought gold for more than Rs.1.5 lakhs or 30 grams.
- If you want to use your jar winnings to purchase gold.
- To sell gold or withdraw money.
- To get gold delivered at doorstep.
As we come to the last part of the discussion of jar business model, this one of a kind app has made an easy way for making savings and investments.
This app acts as a gateway to a more secure and safe financial platform. It comes with innovative features and automated savings options that has provided an ease for everyone who loves to save and invest. This automated saving app saves money and invests spare change in digital gold.
The app provides good accessibility and user interface that helps to navigate through its website and app and allows users to explore it before using. Investing has become a normal thing nowadays, and investing in digital gold is becoming recognizable day by day. This app auto invests spare change money of users into digital gold and helps them with good investment and the benefits that come along with it.