Gold investment has been a serious business for homemakers and jeweller shop owners. Even today buying and selling gold is done physically and there is no way to track and dispense gold transactions on a large scale.
The main problem is that there is no viable or suitable platform that can sustain and provide such a structure that can handle gold transactions.
In short, an e-wallet is needed to be developed such that gold transactions can be done and customers can buy and sell gold in the state-of-the-art digital format.
The client who had 3500+ physical branches wanted an omnichannel solution that could facilitate and handle gold-based transactions for their customers thereby providing them with a medium to buy and sell gold digitally
Note: No physical gold dealing is being done here, all transactions work in a digital format providing customers with a gold wallet enabling them to buy gold efficiently. This is a dematerialized system for buying and selling gold digitally.
Problem Statement- Challenges Faced
- No platform exists for buying and selling Gold digitally
- Gold dealing is still done physically either in cash or cashless
- An E-Wallet system is needed to facilitate gold dealings for providing dematerialized gold dealings
Our Approach – Proposed Solution:
We proposed a system that provides the Client with a platform for buying and selling of gold digitally.
The platform was developed in PEAN stack that is PostGres, Express, Angular, and NodeJS for doing gold transactions.
This is the first ever mulli lingual platform that caters to all the states in india
We also provided the customers with an instant ONE MINUTE IMPS system that enabled them to sell gold at a later stage and updated the customers’ account instantly with the money they spent on gold. Hence the name Instant IMPS for Gold
The platform is being used by 3500+ branches of the Client in India. This system enabled them to provide the customers with a One-Of-A-Kind system that enabled them to transact in gold as well as providing them with an omnichannel platform that is centrally operated by their team.
Dealings with such an omnichannel platform enables users to interact with the system through multiple mediums such as mobile devices, tablets, laptops or desktop computers.
Having an omnichannel solution means that customers as well as branch managers could manage and operate this system and this will facilitate multiple customer dealings simultaneously and in real time without interruption.
A customer can easily buy Gold for the price as low as Re1 to as high as he or she wants it to be.
The gold is credited to the e-wallet instantly after purchase.
If the customer wishes to sell gold at a later stage, then INSTANT IMPS credits the amount instantly in the customers’ bank account within one minute
Challenges- Objectives achieved
The platform to be developed is the first platform in India that provides the customer to handle digital gold trade effectively and efficiently.
The discrepancies faced by customers in validating and transacting with the rising gold prices meant to provide a flexible solution that is apt in digitizing the entire gold trading system.
The proposed system had its share of flaws, which included integrating with the current trading and exchange system to regulate and provide optimum gold trading prices for the customer
To achieve this:
- We worked with 3rd party banks to enable IMPS integration for gold trade
- We worked with various Payment gateway merchants to enable cashless transactions for gold
- We provided the first-of-its-kind gold dealings platform for the client
- The system is flexible to handle operations of gold dealings for all of its 3500+ branches centrally and having ZERO downtime
When the project was discussed with the inhouse team of the client, they told that such kind of project will take minimum 8 months to complete. Nimap took this as a challenge and could deliver fully working project within the span of 2 and a half months.
Results – Customer Testimony
The client company launched the platform and saw a 450% increase in Gold dealings bought and sold through their platform. The platform enabled easy trading system for customers to transact gold and get their value in exchange for a profit.
Nimap Infotech was vibrant and robust in providing support for this project right from the start.
They have been meeting all the expectations starting from the requirements analysis phase towards the implementation of the project at the end. I will say that they have been supporting us even in the pandemic phase and completed the same along with prompt delivery. Even after requesting for multiple changes they were patient and polite in implementing the project. Will recommend them for any kind of application development work.