Last month, it was reported that Google’s digital payments app Google Pay is expected to launch a new service allowing users to buy gold in India. Well, the company has today officially launched this service, in partnership with MMTC-PAMP India.
Google Pay’s gold buying and selling service is backed by MMTC-PAMP India, which is the country’s only LBMA accredited gold refinery. With this, users can buy 99.99% 24 karat gold, right from the app. The gold, which can be purchased for any value, is stored on behalf of the user, by MMTC-PAMP, in secure vaults and can be sold at any time at the latest price.
This development comes as Indians are fond of investing in gold and the company says that the feature is created for those millions of Indians who buy gold especially during festivals like Akshaya Tritiya, Dhanteras or Diwali.
Currently, not many details are known about this feature. However, it was previously reported that in order to activate the gold account, users will have to complete the KYC norms.
Apart from Google Pay, other digital wallets in India such as Paytm and PhonePe are already offering this facility to buy gold in digital format on their respective platforms. As per the reports, PhonePe is leading with the major share in the Indian market for digital gold investment.
According to the reports, Google Pay emerged as the leading UPI platform in terms of the value of transactions it processed in March. The platform clocked transactions worth Rs 43,000 crore to Rs 45,000 crore in March, while PhonePe and Paytm recorded Rs 31,000 crore to Rs 32,000 crore each.
