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The Silicon Review Asia

Reports: Google Pay to Introduce Gold Investment for its Users

Reports: Google Pay to Introduce Gold Investment for its Users

Google Pay (GPay) to roll out a new invest feature on its platform exclusively for its users- ‘Gold’ as an investment plan, ET reported on Saturday.

Once the feature is out users can invest in gold seamlessly. The new move by Google is the first of its kind in the dynamic online investment segment.

As per updated reports by ET, the company hasn’t officially rolled out the feature yet, but it has updated its terms of service on the GPay app. ET has contacted the company for the latest updates on the new app and will update according to Google’s responses.

For selling, delivering and repurchasing of Gold, GPay provides a tech platform to MMTC-PAMP. The service settings are available in GPay, as published by Paper.vc, a business intelligence platform.

MMTC-PAMP is a joint venture between the government of India and a bullion brand based in Switzerland. MMTC is a government of India Undertaking, which provides gold account digitally for the users and PAMP is the bullion brand.

Through the MMTCD platform consumers can purchase 99.99% pure 24 karat gold. After the purchase, the gold is credited into the users account in the digital form. Nowadays people are switching to digital purchases instead of the physical format. 

Among the first companies to step into the digital gold investment feature was Paytm. Other platforms include PhonePe and ETMoney. ET money is a part of the Times Group.

Furthermore, Google also released the service conditions for consumers for the new gold investment feature.

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