Google Pay To Embrace Gold With New Investment Plan — Reports
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(Kitco News) - Google is reportedly looking to jump aboard the precious metals train, with the new Google Pay investment plan that allows users in India to buy 99.99% pure 24 karat gold, which will be stored in a digital form.
Local media reports appeared over the weekend, citing Google Pay’s already updated terms and conditions page as well as individuals familiar with the matter.
The idea behind the new investment gold plan is similar to other application already available in India, such as Paytm, PhonePe, and ETMoney.
The service itself is yet to launch, but the updated service setting on Google Pay reads: “Google Pay provides a technology platform to MMTC-PAMP to offer the sale, delivery and repurchase of Gold and other related services,” Economic Times reported. “By opening Gold account on Google Pay you expressly authorize Google Pay to access, use and store gold transaction information…for providing you with services on Google Pay.”
From this statement, it seems like users will be able to purchase digital gold and then sell it for either cash or have physical gold delivered.
The new investment platform by Google also features a joint venture between MMTC — a company owned by the Indian government that offers digital gold accounts — and PAMP — a Switzerland-based bullion dealer.
Such investment platforms are doing very well in India, with PhonePe reporting a 400% jump in transactions of digital gold purchases last year within five months of its launch.