Indians always buy gold to celebrate auspicious occasions like Diwali and other festivities. With this current festival season, more Indian families are stepping into gold as a mode of investment. But with this current pandemic situations, people will not be able to feel secure, when it comes to stepping out of their homes to purchase golld.
To tackle this issue, digital payment apps are doing a good job. Now people can buy gold with the help of digital payments apps like Google Pay, PhonePe, and Paytm. These three payment wallets in India now offers convenient ways to buy gold in different forms.
Google Pay now offers a gold vault offering, which is backed by MMTC-PAMP India which is the country’s only London Bullion Market Association (LBMA) accredited gold refinery. Users can buy 99.99 percent 24 karat gold. The gold is stored on behalf of the user, in secure vaults by MMTC-PAMP, and can be sold at any time at the latest price.
This is similar to buying shares on the stock market and Google calls this facility ‘digital gold’. The customer is also given the option of having the gold delivered to him or gifting it to his friends and family too.
Millions of customers have bought gold on PhonePe with the assurance of its purity, and the true and reliable buying and delivering services. The customers have the option of fabricating their savings with small purchases worth Rs 10, Rs 100, Rs 1,000, or more. Other customers can also choose to invest in gold for their businesses or family celebrations. PhonePe also launched a campaign that was streaming in Tamil, Telugu, Kannada, and Malayalam. The ad picturizes a young couple driving to visit their in-laws and it showcases the comfort of buying gold using PhonePe.
The gold purchased through PhonePe is stored in a free bank-grade insured locker facility maintained by the providers (SafeGold and MMTC-PAMP India). The gold can’t leave the locker facility without a proper audit and it is ensured by IDBI trusteeship. The gold home delivery facility is also available through PhonePe.
Paytm Gold was launched in 2017. More than 60 percent of all gold purchases on the platform are from Tier-II and III cities, with millennial constituting the majority. People want to save in gold for the long-term and thus buy at regular intervals.
In 2018, Paytm launched two wealth management products; Gold Gifting and Gold Savings Plan.
Paytm’s Gold Savings enables clients to save money in the form of gold, as per their budget and requirement (by entering the frequency, duration, and amount of gold they want to save). Customers can keep tracking their transactions through Gold Passbook, along with the convenience of no lock-in period.
Google Pay, Paytm and PhonePe customer’s gold will be stored in MMTC-PAMP’s insured lockers for free, and they can utilize the delivery any time and offers customers access to trusted and affordable gold savings for the long-term.