In a move that is first for its kind for the company, Google is introducing the facility to invest in gold through its digital wallet Google Pay. As per an Economic Times report, though the facility is still to be made available to the public, the company has already included the terms and conditions attached to the gold buying facility on the Google Pay app. The company has separately confirmed that the news is correct.
In the online investments, Google Pay customers can buy gold in digital form and the seller is a consortium of MMTC, a public sector company in India and PAMP, a Switzerland based bullion dealer. The precious metal offered is 24 carat gold, which is said to be 99.99% pure. Indians are fond of investing in gold and this is a safe way to invest in the metal rather than buying it in physical form in bars or jewellery and then having to keep it secure.
Incidentally the other digital wallets in India, like Paytm and Phone Pe are already offering this facility to buy gold in digital format on their respective platforms. It is also reported that Phone Pe enjoys a major share in the Indian market as far as digital investment in gold is concerned.
Google Pay claims its platform can be used by customers to buy and sell gold in digital format. The normal routine like complying with e-KYC norms etc. will have to be followed by the customers before they are allowed to do the trade. As it happens with most online businesses, Google Pay will impose conditions that it will be able to access your accounts including the details of the transactions.
“By opening Gold account on Google Pay you expressly authorise Google Pay to access, use and store gold transaction information…for providing you with services on Google Pay,” ET report quotes the company as stating in the offer terms.