Now, invest in 24-karat gold on Google Pay: Here's how
What's the story
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.
Details
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
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
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
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.