Google Pay, Google’s mobile payment app, is one of the latest payment players to join the digital gold rush allowing to Buy, Sell Gold in India with apps like Paytm, PhonePe, and MobiKwik already in the race. It will now allow users to buy and sell digital gold on its platform, in a partnership with MMTC-PAMP.
Google on Thursday announced its partnership with MMTC-PAMP India for buying and selling gold through the application.
MMTC-PAMP India is an internationally recognized metal and mining service provider.
The company said in a statement:
“Google Pay users would be able to buy 99.99 percent, 24 karat gold after this partnership with India’s only LBMA accredited gold refinery.“
With this, Google Pay users can purchase gold for any value that will be stored in secure vaults on their behalf by MMTC-PAMP. The users can buy and sell the gold any time at the latest price, refreshed every few minutes, as displayed on the Google Pay app.
Ambarish Kenghe, Director-Product-Management, Google Pay, India.
“Gold is core to Indian culture and tradition, making India the world’s second largest consumer of gold. Keeping this in mind, we introduced gold buying and selling feature on Google Pay for millions of Indians who can buy gold right from their mobile phones.”
“This feature is created for millions of Indians who buy gold especially during festivals like Akshaya Tritiya, Dhanteras or Diwali.”
Google Pay isn’t the first payment platform to introduce a gold offering on its platform. In the past payment platforms, including Paytm, PhonePe and MobiKwik, have offered digital gold. Paytm led the pack by launching digital gold in 2017, while PhonePe and MobiKwik introduced it in January 2018 and October 2018 respective.