After Paytm And PhonePe, Google Pay To Enable App Users To Buy Gold At Current Prices, Redeem Later As Coins Or Cash

Google’s digital payments app Google Pay is expected to launch soon a new service which will allow users to buy gold on the app, thus marking Google’s entry into wealth management services, reports Paper, a business intelligence platform.

Users will be able to subscribe to a ‘Gold Account’ — a gold-linked savings scheme — to purchase gold at current market prices, maintain the same virtually and then redeem at a later stage as gold coins or cash.

“Both Paytm and PhonePe (in addition to Stockholding Corporation of India and Motilal Oswal) have similar services but Google does not currently offer this service. All these services are backed by MMTC’s Digital Gold product that allows you to create a gold account with MMTC that can then be accessed digitally,” said Vivek Durai, founder of Paper. Google has tied up with gold refiner MMTC-PAMP to launch the service.

To activate the gold account, users will have to complete the prescribed know-your-customer (KYC) norms and once this is completed, they can purchase virtual gold units on the Google Pay app at current market prices.

Buy Rail Tickets Too

Recently Google Pay also rolled out a new feature to allow users to book rail tickets directly through the Google Pay payments app on both iOS and Android devices. Google has claimed that millions of Indians have adopted Google Pay “month on month from all over the country, in towns and villages to recharge their mobile plans, pay bills, pay for movies, book cabs, buy bus tickets and more.”

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