Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Mukesh Ambani
Twitter
SpiceJet
Vivo
GST
Stock Market
Indian Rupee (INR)
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Soon, Google Pay will let you invest in 24k gold
Business

Soon, Google Pay will let you invest in 24k gold

Soon, Google Pay will let you invest in 24k gold
Written by Shubham Sharma
Mar 24, 2019, 12:37 pm 2 min read
Soon, Google Pay will let you invest in 24k gold

In a major development, Google Pay, the UPI-based payments platform from Google, will soon let you invest in 99.99% pure 24 karat gold. The company hasn't made an official announcement, but sources privy to the matter have confirmed to ET Tech that the search giant will launch gold-backed investment plans. The move will put Google Pay neck to neck with Paytm and PhonePe.

Working
Buy, sell gold from Google Pay app

Though we don't know about Google's gold investment plans, the basic function of the system would be the same - you would be able to buy, hold, and sell gold in a digital form. It will be credited into your account for selling or further addition (whatever you prefer) and save you from the trouble and risk of buying and holding physical gold.

Updated terms
Google has already update its terms of service

So far, Google hasn't commented on its plan to enter India's investment scene. However, it is worth noting that the company has already updated the terms of service for Google Pay. "Google Pay provides a technology platform to MMTC - PAMP ("MMTC") to offer for sale, delivery, and repurchase of Gold and other related services by MMTC to the customers," the terms read.

Information
What is MMTC-PAMP?

MMTC-PAMP is an internationally recognized joint venture between PAMP SA, a Switzerland-based bullion brand, and MMTC, a Government of India Undertaking that offers a digital gold account. MMTC-PAMP has been operating the world's most advanced precious metals processing facility since 2008.

Competition
Now, this would take Google Pay close to its competitors

Having said that, a gold investment plan, whenever launched, will take Google Pay directly against 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.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Shubham Sharma
Shubham Sharma
Twitter
Editor with over five years of experience in covering all things science, consumer tech, space tech, AI, infosec, and business. A commerce graduate from University of Lucknow. I have been handling Tech beat at NewsBytes since 2018.
Latest
India
Paytm
Google
Google Pay (Gpay)
Times Internet
Latest
#AllAboutFees: Charting Alia Bhatt's pay graph through the years
#AllAboutFees: Charting Alia Bhatt's pay graph through the years Entertainment
Bank PO Exams: Everything about format, eligibility, fees, more details
Bank PO Exams: Everything about format, eligibility, fees, more details Career
GeoGuessr: How to play the geography game and useful tips
GeoGuessr: How to play the geography game and useful tips Technology
Land Rover begins deliveries of 2022 Range Rover in India
Land Rover begins deliveries of 2022 Range Rover in India Auto
'Thor: Love and Thunder': Examining earnings of Chris Hemsworth, others
'Thor: Love and Thunder': Examining earnings of Chris Hemsworth, others Entertainment
India
This Indian entrepreneur got world's first patent for 'digital vaccine'
This Indian entrepreneur got world's first patent for 'digital vaccine' Business
Uber Files: Inside the ride-hailing firm's questionable tactics in India
Uber Files: Inside the ride-hailing firm's questionable tactics in India Business
Ukraine sacks its envoys to India, Germany, three other countries
Ukraine sacks its envoys to India, Germany, three other countries World
5 picture-perfect lakes in India to add to your itinerary
5 picture-perfect lakes in India to add to your itinerary Lifestyle
New COVID-19 sub-variant BA.2.75 detected in India: WHO
New COVID-19 sub-variant BA.2.75 detected in India: WHO India
More News
Paytm
LIC IPO: Bid dates, prices, and other important details revealed
LIC IPO: Bid dates, prices, and other important details revealed Business
Paytm founder granted bail after arrest for hitting DCP's car
Paytm founder granted bail after arrest for hitting DCP's car Business
Paytm debuts on NSE, BSE: Find all key details here
Paytm debuts on NSE, BSE: Find all key details here Business
Paytm IPO Live Updates: All about India's largest-ever IPO
Paytm IPO Live Updates: All about India's largest-ever IPO Business
NewsBytes Briefing: Facebook develops concern for human rights, and more
NewsBytes Briefing: Facebook develops concern for human rights, and more Technology
More News
Google
Adani joins 5G race; will compete with Reliance Jio, Airtel
Adani joins 5G race; will compete with Reliance Jio, Airtel Business
Free Fire MAX: How to redeem codes for July 9
Free Fire MAX: How to redeem codes for July 9 Technology
Google Sheets: Top 5 tips and tricks you should know
Google Sheets: Top 5 tips and tricks you should know Technology
Google Drive: Top tips and tricks you must know
Google Drive: Top tips and tricks you must know Technology
Assam floods: Google introduces SOS alert system on Maps, Search
Assam floods: Google introduces SOS alert system on Maps, Search Technology
More News
Google Pay (Gpay)
Top 5 Gmail tips and tricks everyone should know
Top 5 Gmail tips and tricks everyone should know Technology
New WhatsApp features: Increased group limit to WhatsApp Pay cashback
New WhatsApp features: Increased group limit to WhatsApp Pay cashback Technology
NewsBytes Briefing: YouTube's TikTok clone already doing well, and more
NewsBytes Briefing: YouTube's TikTok clone already doing well, and more Technology
Now, Google Pay US users can transfer money to India
Now, Google Pay US users can transfer money to India Business
Google Pay plans to monetize users' transaction data in India
Google Pay plans to monetize users' transaction data in India Technology
More News
Times Internet
NewsBytes Briefing: TikTok tries to dodge sale, and more
NewsBytes Briefing: TikTok tries to dodge sale, and more Technology
NewsBytes Briefing: Epic's Unreal Engine gets legal protection, and more
NewsBytes Briefing: Epic's Unreal Engine gets legal protection, and more Technology
After Reels, Facebook testing another TikTok-like video format in India
After Reels, Facebook testing another TikTok-like video format in India Technology
Spotify is offering one-year subscription at Rs. 699: Details here
Spotify is offering one-year subscription at Rs. 699: Details here Business
Indian ed-tech start-up Unacademy raises $110M from Facebook, others
Indian ed-tech start-up Unacademy raises $110M from Facebook, others Business
More News
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022