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Case Study

Building a gold trading mobile application for a $4 billion gold refinery; Kundan Group

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Services Used:

Fintech Solutions
Mobile App Development

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Kundan Group is an India-based leading precious metal refining and export company. It has a multi-business portfolio that includes gold refinery, polymers, chemicals, cosmetics, energy, precious metals, etc. It has a turnover of over $4 billion and employs approximately 7000 people around the world. Kundan Gold Refinery, one of the subsidiaries of Kunda Group, is the largest private-sector gold refinery in India. It has established its presence across all components of the Gold value chain from mining, refining, designing, and manufacturing in the last two decades.

  • 2x faster time-to-market
  • 1M+ users registered on the platform
  • 100,000+ transactions per day

The Situation

Digitization is taking over every sphere of life. It has introduced efficient yet simple investment options for people. In sync with the latest trends and technology, Kundan Gold planned to introduce a new digital gold trading platform that allows buying, selling, and gifting of gold/silver through a single platform. The client was on the look around for a technology partner who could take ownership of development, right from ideation to deployment. The objective was to:

  • Launch the platform as a personal investment planner that could allow the customers to analyze the markets, view real-time rates of gold/silver, and make short-term/long-term investments in digital gold.
  • Provide technology consulting, cost management, designs of the app, faster time-to-market, load management, and manage aspects such as customer engagement, transaction security, backend development and management etc.

The Solution

Team Daffodil developed an eCommerce platform for digital gold trading. The platform helps its users in buying, selling, and gifting 24K gold/silver. Moreover, the users can invest in SIP plans, check the live price of gold/silver, do transactions & save assets using Digi-wallet, find jewelers/dealers in the vicinity, etc. 

Another role in the app is for dealers/jewelers who conveniently help users buy and sell gold/silver. The dealers can check their transaction history, access invoices, accept payments through QR code, refer the platform to others, check live prices, etc. 

Both the roles (customers and jeweler/dealer) can be accessed on mobile and web apps. The mobile app is a cross-platform solution (for Android & iOS) that is developed using React Native as the core technology while the web app is developed using the PHP Laravel framework.

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The digital gold trading platform is multilingual and can be accessed in Hindi, English, Malayalam, Tamil, Kannada, and Punjabi language. Since the mobile apps used React Native for UI development, it helped the team to ensure faster time-to-market of the app, reducing it to nearly 50% of the usual time. 

For customer engagement, the eCommerce platform is integrated with Zendesk answer bot. Since the mobile app was developed using React Native technology, team Daffodil bridged the native and JS side to make the bot SDK functional for a React Native app. 

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To ensure security, the transaction logs are maintained in encrypted form. Also, the KYC documents of customers are secured on S3 bucket, a second-level verification mechanism for razor pay is maintained and the aadhar and PAN cards are saved in encrypted form. These steps ensure that the sensitive data of the customers are saved from unauthorized usage. 

An in-built wallet service is integrated within the app. Apart from logging financial transactions, the wallet also safeguards the digital gold/silver assets that the users receive as a gift or keeps as an investment.

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For faster time-to-market, the DevOps practices were followed. The CI/CD pipeline was executed to ensure that any changes or feedback is timely executed. Moreover, the application APIs are maintained on different servers to divide the load. 

The app has an admin panel that enables the admin to create and manage users, their roles, activities, view buy/purchase statistics, manage static content, manage coupons & offers, access queries posted by customers, etc. The admin panel is VPN protected for safeguarding it from any unauthorized usage.

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The Impact

The client has been extremely satisfied by the way Daffodil has executed the entire project. The client was able to launch the solution in a timely and desired manner as Daffodil ensured that the deliverables were provided on time while maintaining the utmost quality. We have been providing extensive technical support to the client on their pre-existing app and the same will continue when the client takes the updated version live and makes it available to its partners.

  • 2x faster time-to-market
  • 1M+ users registered on the platform
  • 100,000+ transactions per day

 

MyGoldKart has been strategically curated to provide its customers with an easy-to-navigate interface and meet all their gold/silver investment needs. To further ensure the protection of customer interests and built trust, the platform offers an instant certificate on completion of a transaction for the procured Gold/silver

-Business Standard, August 2, 2021

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