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Home / News / Business News / Now, invest in 24-karat gold on Google Pay: Here's how
  • Business

    Now, invest in 24-karat gold on Google Pay: Here's how

    Shubham Sharma
    Written by
    Shubham Sharma
    Twitter
    Last updated on Apr 12, 2019, 02:18 pm
    Now, invest in 24-karat gold on Google Pay: Here's how
  • In a major move, Google Pay has added gold investment into its wide-ranging offerings.

    Now, using the mobile platform, you can buy or sell 24-karat gold at the latest prices.

    The service was said to be in the works for a long time and will go straight against similar offerings from Paytm and PhonePe.

    Here's how you can use it.

  • In this article
    Digital gold investment with MMTC-PAMP India Statement from Ambarish Kenghe, Google Pay's Product Management Director How to buy gold from Google Pay Then, you can sell it accordingly This takes Google Pay close to its competitors Paytm even delivers accumulated gold as coins
  • Details

    Digital gold investment with MMTC-PAMP India

    Digital gold investment with MMTC-PAMP India
  • Google Pay has partnered with MMTC-PAMP India, an internationally-recognized metal and mining service provider, to offer the gold investment service.

    Basically, you will be able to purchase 99.99% pure 24k gold at any price using the platform.

    Once you make the purchase, MMTC-PAMP India will store the acquired quantity in secure vaults on your behalf, saving the trouble of hoarding it physically.

  • Quote

    Statement from Ambarish Kenghe, Google Pay's Product Management Director

  • "This feature is created for millions of Indians who buy gold especially during festivals like Akshaya Tritiya, Dhanteras or Diwali. Now, the purchase of gold is possible, right on your mobile phone, from wherever you are."

  • Process

    How to buy gold from Google Pay

    How to buy gold from Google Pay
  • If you're interested in buying gold, head over to Google Pay and search for 'Gold' from the 'New' tab.

    Then, head over to the 'Gold vault' and click on the 'Buy' button.

    Here, check the buying price (GST inclusive), enter the amount you want to invest, and confirm the amount of gold you'll get for it.

    Finally, tap on the 'Check' button and pay.

  • Selling

    Then, you can sell it accordingly

    Then, you can sell it accordingly
  • After buying, you can use Google Pay to sell the purchased gold - when the rates are better.

    This will work in the same way; just enter the quantity you want to sell, check the amount you will get, and proceed.

    The prices are refreshed every few minutes, which means you can sell anytime through the app.

  • Competition

    This takes Google Pay close to its competitors

    This takes Google Pay close to its competitors
  • The latest move takes Google Pay closer its competitors in the game - Paytm and PhonePe.

    Both players, along with Times Internet's ET Money, offer gold investment plans for traders.

    In August 2018, Paytm claimed to have taken over 70% of the digital gold market, while PhonePe had sold 250kg gold in early 2018.

  • Do you know?

    Paytm even delivers accumulated gold as coins

  • Paytm, which started offering gold investment service in April 2017, also offers customers an option to redeem their accumulated gold in the form of real 24k minted gold coins.

  • India
  • Paytm
  • Google
  • Google Pay
  • Times Internet
  •  
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