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Business
12 Apr 2019

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

Google Pay starts offering 24-karat gold

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 context

Google Pay starts offering 24-karat gold
Digital gold investment with MMTC-PAMP India

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.

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."

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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.

Then, you can sell it accordingly

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.

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.

Ask NewsBytes
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Most asked questions

Is buying gold safe from Google Pay?

Where else I can buy gold?

Will all sites offer same rates?

Will Google Pay allow share investment?

More questions

Is buying gold safe from Google Pay?

Asked 2019-04-12 14:15:38 by Arjun Chattopadhyay

Answered by NewsBytes

Yes, MMTC-PAMP India is an internationall recognized mining service provider and it is safe to use their service with Google Pay.

Where else I can buy gold?

Asked 2019-04-12 14:15:38 by Hemant Shah

Answered by NewsBytes

You can buy gold from Paytm, PhonePe, or ET Money.

Will all sites offer same rates?

Asked 2019-04-12 14:15:38 by Aanya Shah

Answered by NewsBytes

Yes, all sites offer gold at the same latest rate.

Will Google Pay allow share investment?

Asked 2019-04-12 14:15:38 by Saanvi Mittal

Answered by NewsBytes

As of now, there's no word on if share-trading will be offered on Google Pay.

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