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.
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.
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."
Love Business news?
Stay updated with the latest happenings.
Yes, notify Me
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.
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.
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.
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.
Gold Vault Balance In Google Pay
's ET Money
Product Management Director
Most asked questions
Can we get profit by belling digital gold, that means at any time selling price will go higher than buying price ??
Askedby Binitha Chacko
Why can i purchase gold from google vault and what is the benefits.
Askedby pawan rai
Say after 5 yrs of investing, i want the gold i bought for making jewellry and dont want to sell it. Is that possible?
Askedby Poulami Laha
Buying price and selling price are different can you jus explain ?
Askedby alim khan
Is buying gold safe from Google Pay?
Askedby Arjun Chattopadhyay
Where else I can buy gold?
Askedby Hemant Shah
Will all sites offer same rates?
Askedby Aanya Shah
Will Google Pay allow share investment?
Askedby Saanvi Mittal