NEW DELHI: Tech giant Google Thursday said it has partnered with bullion refiner MMTC-PAMP India to allow Google Pay users to buy and sell gold through the app, a service that is already offered by the likes of Paytm, Mobikwik and PhonePe.
Through this partnership with India’s only LBMA accredited gold refinery, Google Pay users will be able to buy 99.99 per cent 24-karat gold, Google said in a statement.
“Gold is core to Indian culture and tradition, making India the world’s second largest consumer of gold. Indians buy gold to mark auspicious occasions each year be it Akshaya Tritiya, Dhanteras or Diwali,” Google Pay India Director Product Management Ambarish Kenghe said.
Google Pay users can purchase gold for any value and that will be stored on behalf of the user, by MMTC-PAMP, in secure vaults.
The users can buy and sell this gold any time at the latest price, refreshed every few minutes, as displayed on Google Pay app.
The announcement comes a day after the Delhi High Court asked the Reserve Bank as to how was Google Pay was facilitating financial transactions without its authorisation. The court issued notice to RBI and Google India seeking their stand on the issue. (AGENCIES)
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