Google Pay users will be able to purchase and sell gold for any value on the app. Gold purchases will be stored on behalf of the user, by MMTC-PAMP, in secure vaults. The users can buy and sell this gold any time at the latest price, refreshed every few minutes, as displayed on Google Pay app.
"Gold is core to Indian culture and tradition, making India the world's second largest consumer of gold. Indians buy gold to mark auspicious occasions each year be it Akshaya Tritiya, Dhanteras or Diwali," Google Pay India Director Product Management Ambarish Kenghe said.
The Economic Times reported that, Tech giant Google Thursday partnered with bullion refiner MMTC-PAMP India to allow such a service; already offered by the likes of Paytm, Mobikwik and PhonePe. Through this partnership with India's only LBMA accredited gold refinery, Google Pay users will be able to buy 99.99 per cent 24-karat gold, Google said in a statement.