Monday, March 25, 2019

Google Pay To Launch Investment Program That Will Allow Purchases of Gold

Google Pay users will soon be able to invest in gold through the app--at least in India.

Google Pay is preparing to launch ‘Gold’ as an investment plan on its platform , according to two sources, reports The Economic Times of India.

While the service has not been officially launched, the company has already updated its terms of service on the Google Pay application in India, which ET has checked and verified.

“Google Pay provides a technology platform to MMTC-PAMP to offer the sale, delivery and repurchase of Gold and other releated services,” read the service settings on Google Pay, as published by business intelligence platform, MMTC-PAMP is a joint venture between Switzerland-based bullion brand PAMP and MMTC, a Government of India undertaking which offers a gold account which can be accessed digitally by the Indian shoppers.

It appears from this that buyers will be able to take delivery of their gold.

The idea behind the new investment gold plan is similar to other applications already available in India, such as Paytm, PhonePe, and ETMoney.

ET reported in May last year that PhonePe claimed to have seen a 400% spike in transactions in digital gold within five months of launch, with a total 250kgs (8037.69 troy ounces or roughly at today's price $10 million) of gold having been sold then. Paytm has been reporting huge volumes of gold being sold through its platform as well.


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