Google Pay Might Add Gold Gifting Feature Soon

Google Pay was an immediate success for the company, all thanks to the strategy of rewarding users for transactions made via this unified payment platform. To lure new users, the platform gets many new features and functionalities that are useful.

Recently, the company rolled the Material Theme redesign for the app. Now, it has hit the headlines to add gold gifting options for the payments app. For the uninitiated, Google Pay rolled out the ability to buy and sell gold via its platform for the users in India in April. After months of adding this feature, the company is soon planning to bring the gold gifting option.

Google Pay Gold Gifting Option

With the Google Pay app, users can purchase gold of any value and store the same in a GAP (Gold Accumulation Plan) by MMTC-PAMP. It is stored physically in secure vaults on behalf of the buyers. And, these purchases are touted to be secured by 100% insurance.

The value of gold purchased through Google Pay will appear digitally in the Gold Vault, which is available within the app. This is a visual representation of the GAP account balance. The gold, which one has purchased can also be sold within the app at any time at the refreshed pricing, claims the company. On the other hand, it is also possible to get the gold delivered to the doorsteps, though users only select locations are eligible for the same.

Now, Google Pay seems to have taken this feature to the next level with the gold gifting option. An APK teardown of the app by XDA Developers hints that the company might add this feature in a future update. The report states that there are strings hinting at this new feature of being able to gift gold via Google Pay.

Could Be A Hit In India

Gold has significant importance in Indian culture and it is the second-largest consumer of this precious metal in the world. With the partnership with MMTC-PAMP, Google lets users buy 99.99% 24 karat gold in a few clicks. And, soon users might be able to gift the same to their loved ones.

However, Google is yet to announce this feature officially for us to make sure that it will be available in India. Another notable aspect is that there could be some regulations and tax implications associated with gifting gold in the country.