Digital Payments banks focuses on virtual gold buying option

Google Pay users can now start investing with the app as the tech firm going to launch ‘Gold’ as an investment plan on its platform, according to the report which has been revealed.

As of now, the service has not been officially launched; the company has just updated the terms and conditions on the Google Pay app.

“Google Pay provides a technology platform to MMTC-PAMP to offer the sale, delivery, and repurchase of Gold and other related services,” read the service settings on Google Pay, as published by business intelligence platform, Paper.vc. 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.

On the platform, users can buy 99.99% pure 24 Karat gold which will quickly be credited into the account in the digital format. It now becomes an investment for the people instead of having to buy gold in the physical form.

Digital gold was first introduced by the Paytm to its users followed others like the ETMoney, PhonePe, among others.

In the month of May last year, PhonePe claimed to have seen a 300% hike in the transaction in the digital gold just within the five months of launch, with a total of 200kgs having sold.