How To Buy And Sell Gold On The Google Pay App

You hear the word ‘Gold‘, and the first thing that comes to mind is ‘mines‘ and, maybe, auctions- and, well, some think of the black market too. But, the point is,  Gold is no longer a showroom affair. Digital wallet platforms offer an alternative to those looking to invest in gold.

Buying and selling gold has now become even easier with the introduction of digital gold transactions. People who are looking to invest in gold no longer need to go to a physical store anymore as they can simply log on to apps like Google Pay, Paytm, and others that offer digital gold and allow users to purchase it.

Digital gold is easy to store and it is more secure, as you do not have to keep the physical gold with yourself. You can also sell the gold online on the same platform where you store them

Google Pay has a gold vault offering, which is backed by MMTC-PAMP India, the country’s only LBMA (London Bullion Market Association) accredited gold refinery.

According to a blog post, users can buy 99.99 percent 24 karat gold, right within the app. The gold is stored on behalf of the user, by MMTC-PAMP, in secure vaults and can be sold at any time at the latest price.

This is akin to buying shares on the stock market and Google calls this ‘digital gold’. The customer also has the option of having the gold delivered to him and gifting it to his friends and family too, eliminating the need to visit a jeweler altogether.

Full Guide To Buy And Sell Gold On The Google Pay App

Google Pay lets you digitally buy and store gold from MMTC-PAMP India Pvt. Ltd. within your existing payment application. The Google App comes with a Gold Locker where you can store all the gold you purchase through the app. You can digitally sell the gold you own in your Gold Locker back to MMTC-PAMP.

Below are the simple steps to be followed for buying and selling gold on Google Pay:

• Buying gold on Google Pay:

These are the steps that you should follow to buy gold on Google Pay:

Step 1: Open the Google Pay app.

Step 2: Tap on “New Payment” at the bottom of the screen.

Step 3: In the search bar, look for “Gold Locker” and hit enter.

Step 4: Tap on the Gold Locker.

Step 5: Tap “Buy” and the current market buying price of gold (including tax) will appear. Note: Taxes may be different in different areas, based on your postal code.

Step 6: The price stays locked for only 5 minutes after you begin the purchase.

Step 7: Now enter the amount of gold you want to buy, choosing your currency.

Step 8: Tap on the tick mark to complete the sale.

Step 9: After your sale is confirmed, the amount should appear in your bank account within a few minutes.

There’s no overall limit on the amount of gold you can purchase and store, however, there is a daily limit of $650 worth of gold. The minimum purchase amount is $0.013 of gold. Although, accounts that total over $650 must follow Know Your Customer (KYC) norms before making any additional purchases.

Tips To Buy And Sell Gold On The Google Pay

• Selling Gold on Google Pay:

To sell gold digitally you must have purchased gold in the Gold Locker. The money made from the sale will be credited to your primary bank account associated with the Google Pay account. You can also arrange for a legal heir to inherit the gold in your Gold Locker. Follow the steps below to sell gold.

Step 1: Open Google Pay.

Step 2: Tap New.

Step 3: In the search bar, look for “Gold Locker” and press enter.

Step 4: Tap on the Gold Locker.

Step 5: Tap Sell. The current market selling price of gold appears.

Step 6: The price stays locked for 8 minutes after you begin the transaction as the price fluctuates throughout the day.

Step 7: Enter the amount of gold you want to sell in mg. The market value is displayed in your currency under the amount of gold selected.

Step 8: Tap on the tick mark to complete the sale.

Step 9: After your sale is confirmed, the amount should appear in your bank account within a few minutes.

In the event of the death of the account holder, the legal heir can inherit the gold from the Gold Locker. The legal heir must contact Google Pay/MMTC-PAMP and inform them of their status as legal heir.

After confirming the heir’s identity, MMTC-PAMP closes the gold account and physically delivers the gold to them. Below are a few frequently asked questions concerning the gold transactions on Googly Pay and their answers, like:

Q: Is it safe to buy gold on Google Pay?

• Gold purchases through MMTC-PAMP are 100% insured, ensuring your gold’s security.

Q: Is it profitable to buy digital gold?

• Investing in gold in electronic format through ETFs and gold funds is considered a better investment option over buying physical gold as the latter entails high costs in the form of making charges, which are deducted at the time of selling the gold product.

About the Gold Locker:

Gold purchased or received on your Google Pay account appears in your Gold Locker. The Gold Locker is a visual, digital representation of your GAP account balance. From your Locker, you can view all your transactions, buy gold or sell gold back to MMTC-PAMP. Your Gold Locker is linked to your SIM and phone number.

Thanks for reading How To Buy And Sell Gold On The Google Pay App. You can click to read about SAMSUNG PAY: Everything You Need To Know.

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SOURCES:

IndiaToday Web desk (2021, May 28). How to buy Gold on Google Pay: Step-by-step guide. https://www.google.com/amp/s/www.indiatoday.in/amp/information/story/how-to-buy-gold-on-google-pay-1808003-2021-05-28

Aishwarya Ramesh (2020, November 11). Buying gold? Digital payment platforms like Google Pay, PhonePe and Paytm can help… https://www.google.com/amp/s/www.afaqs.com/amp/story/news%252Fmktg%252Fbuying-gold-digital-payment-platforms-like-google-pay-phonepe-and-paytm-can-help

Times of India (2021, October 22). Everything you should know before buying and selling gold in Google Pay. https://m-timesofindia-com.cdn.ampproject.org/v/s/m.timesofindia.com/gadgets-news/everything-you-should-know-before-buying-and-selling-gold-in-google-pay/amp_articleshow/87209301.cms?amp_js_v=0.1&usqp=mq331AQKKAFQArABIIACAw==#origin=https://www.google.com&prerenderSize=1&visibilityState=prerender&paddingTop=32&p2r=0&csi=1&aoh=16465088143755&viewerUrl=https://www.google.com/amp/s/m.timesofindia.com/gadgets-news/everything-you-should-know-before-buying-and-selling-gold-in-google-pay/amp_articleshow/87209301.cms&history=1&storage=1&cid=1&cap=navigateTo,cid,fullReplaceHistory,fragment,replaceUrl,iframeScroll,education&amp-web-push-subscribing=yes