Taking on Paytm Gold, PhonePe, etc, e-commerce marketplace Amazon has launched digital gold services through Amazon Pay. First reported by Entrackr, the service allows customers to buy digital gold for as little as Rs 5.
The option to buy digital gold is available on the Amazon app on the Amazon Pay Page, or users can also search for it directly in the Amazon search bar. Once the user clicks on the Gold Vault icon, they will be able to see the Buy price at that time.
“We believe in innovating on behalf of our customers to create newer experiences for them. As part of this commitment, we are constantly evaluating new areas and opportunities to connect with and serve our customers. This has led to Amazon Pay launching digital gold services in partnership with Safegold. Customers can now buy digital gold for as little as Rupees 5 in a hassle-free, convenient manner,” an Amazon Pay spokesperson told TNM.
“Confirm the Rupee value or the gold weight in grams that you want to buy and finish payment. The value of gold purchased will be credited to your Gold Vault; which can then be accessed anytime from your Amazon account,” the company said in its FAQs
Amazon said in a statement that Amazon Pay has partnered with Safegold to launch digital gold services. Customers can buy and sell the amount of gold at any time with competitive pricing and without any hassle of renting a locker for safety.
SafeGold is a platform that allows customers to transact in certified, 24K vault stored gold.
“IDBI Trusteeship and Brinks serve as an independent trustee and custodian to ensure that your gold remains safe at all times. Customers do not take any counterparty risk on Digital Gold India Private Limited,” its website states.
SafeGold allows users to buy and sell the gold at any point and exchange it for jewellery at its partner jewellers or ask for home delivery of coins and bars. It also lets users setup an online SIP (Systematic investment plan).
“SafeGold makes saving in gold as convenient as possible, and we have an exciting roadmap of product features ahead, including delivery and exchange for jewelry,” the Amazon Pay spokesperson added.
Currently, other similar platforms that offer digital gold are Paytm, PhonePe, Freecharge, Mobikwik, etc. Google Pay too, launched digital gold in April 2019.
This comes at a time when gold prices have soared to hit fresh highs over the past few months. After hitting a high of Rs 56,191 per 10 grams in India, over the past few weeks, the prices have been on a slight decline.