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Google Pay lets you buy and sell gold in India
Google Pay lets you buy and sell 24-karat gold.
Google Pay is getting many new features on a consistent basis to make it more useful for its Indian users. The latest addition is the ability to buy and sell gold via the app. This is possible with the partnership with bullion refiner MMTC-PAMP India. Notably, this service is already providing the same functionality for the users of Paytm, PhonePe and Mobikwik.
With this partnership with the only LBMA accredited gold refinery in India, users of Google Pay can buy 99.99% 24-karat gold, announced Google. Notably, MMTC-PAMP India is an internationally recognized metal and mining service provider.
Buy and sell gold via Google Pay
Google Pay users can purchase gold for any value of their choice and the same will be stored in secure vaults by MMTC-PAMP on their behalf. Users will be able to buy and sell gold any time at the current price.
"Gold is core to Indian culture and tradition, making India the world's second largest consumer of gold. Keeping this in mind, we introduced gold buying and selling feature on Google Pay for millions of Indians who can buy gold right from their mobile phones," said Ambarish Kenghe, Director-Product Management, Google Pay, India.
"This feature is created for millions of Indians who buy gold especially during festivals like Akshaya Tritiya, Dhanteras or Diwali," he added.
Allegation against Google Pay
This announcement regarding the ability to buy and sell gold via Google Pay has come just a day after the Delhi High Court asked RBI how Google Pay was providing financial transactions without its authorization. The court issued a notice to both Google India and RBI seeking their stand on the same.
However, a Google spokesperson stated that their payment service complies to all the applicable legal requirements in the country. It was also stated that the company is cautious to prioritize data security and adhere to the laws.