Google Pay broadens horizon: Enabling virtual gold buying option soon

Google Pay is slowly eyeing the online investment space where Paytm, PhonePe, ETMoney, and Mobikwik have already placed their bets. Moving beyond payments, the Alphabet-owned digital payment platform is going to enable virtual gold buying option through the app.

In the latest notification in its terms of service, Google Pay has clearly indicated that it has partnered with MMTC-PAMP to offer the sale, delivery, and repurchase of Gold and other services.

For the uninitiated, MMTC-PAMP is a joint venture between Switzerland-based bullion brand PAMP and MMTC, a Government of India undertaking which offers a digitally accessible gold account.

MMTC-PAMP is also a partner of Paytm for virtual gold purchase option.

As expected, Google Pay will allow customers to save in digital gold and providing doorstep delivery of the physical gold after redemption.

To open up a Gold Account, users have to complete two-factor authentication, comply with the registration process prompted by Google on Google Pay, and complete the mandatory KYC process, reflects the terms of service section.

In late 2017, the digital gold buying service was first piloted by Paytm and then followed by PhonePe, Mobikwik, and ET Money.

During the last festive season (October-November) Paytm and PhonePe have claimed a multifold spike in terms of gold buying transaction.

Since its launch in October 2017, Google Pay has been growing at a decent pace. Industry experts outline that it has emerged as the third largest player after Paytm and Phone in UPI ecosystem.

Now, the firm has ventured into digital gold buying and expected to bring a gamut of wealth management services such as mutual funds, SIPs, and others. By integrating these services, Google Pay is ramping up its play that was primarily fought amongst the trio- Paytm, PhonePe and ET Money.

*The information was first reported by business intelligence platform paper.vc.