Fri. Mar 29th, 2024

Google Pay is consolidating its hold in order fight its Indian rivals Paytm and PhonePe. Google Pay will now be offering gold investment options to consumers. Paytm was one of the first fintech firms to launch ‘digital gold’, followed by PhonePe and a few others.

 

According to reports, Google Pay is not just toying with the idea of selling digital gold but also mutual funds and insurance. Google Pay has partnered with PoS firms Pine Labs and Innoviti Payments Pvt. Ltd. to strengthen its offline presence. Through this, Google Pay aims to establish a network of 200,000 stores across 3,500 towns and cities in India over the next few months.

The digital payments wing of Google has already updated its terms of service to say “GAP shall mean the Gold Accumulation Plan provided by MMTC” and “Gold Account means such account on Google Pay which has been linked to the GAP.”

However, Google Pay’s gold offering is coming two years later in the game. India’s payments unicorn Paytm had already introduced digital gold investments to its users in April 2017. t seems that payments platforms in India are in for a big fight with Google Pay’s plans to push boundaries and offer digital gold, mutual fund services and more

Leave a Reply

Your email address will not be published. Required fields are marked *