Google Pay gold is one of the smart ways to buy gold online. Any Google Pay users in India can buy 99.99% pure 24 karat gold via Google Pay app. The gold purchased from Google Pay will be stored by MMTC-PAMP in secure vaults. The facility of buying gold online is already available through PayTm, Mobikwik, and PhonePe. I have already discussed the features of these apps in my earlier post – 5 Digital Gold purchase options. In this post, I will share detail about features of Google Pay Gold and How to buy Gold via Google Pay.
Google Pay Gold
Key Features
- Gold purchased via this app will be 99.99% 24 karat gold.
- Gold units purchased via this app will be allocated from MMTC-PAMP in a Gold Allocation Plan (GAP).
- The gold rate displayed on this app will be nearly realtime and refreshed every few minutes.
- The gold purchase via this method is 100% insured.
- Google Pay PIN is required as additional security.
- The minimum Gold purchase amount is Rs.1.
- Linking of a bank account with Google Pay is required for making payment.
- You can buy/sell gold or view your transactions via this app.
Prerequisite of Buying Gold via Google Pay
Before buying gold via Google Pay you need to comply with following prerequisites.
You need to provide permission to access your SIM and phone number to link it with your gold vault. Your current location access is required by app to fetch gold price from MMTC-PAMP. Your bank account must be linked to Google Pay to transfer money and purchase gold. Once you are through with above prerequisites you can go ahead and purchase gold via Google Pay.
How to buy Gold via Google Pay?
- Download and Install Google Pay on your mobile.
- Open Google Pay App.
- Tap on new and enter “Gold Vault” in the search bar. You will be taken to Gold Vault.
- Alternatively, you can go to the Business tab and click on the Gold Vault.
- You will be able to see a buy button. On Tapping buy button current gold price including taxes will appear on the screen.
- Click on the buy button enter the amount for which you want to buy the gold. The amount will be in INR.
- You will be allowed to purchase gold worth Rs.49999 without KYC. For amount above this value, you need to go for KYC.
- Now you need to select the preferred payment option. It is advisable to link your app with a bank account.
- Now Tap on Proceed to Pay option. Your gold vault will be credited by gold units purchased by you.
- You will not able to cancel a purchase after the transaction is processed. You can sell it back in the market as per market rate.
The process of selling gold via this app is given below.
- Open Google Pay app.
- Go to Business tab and click on the Gold Vault.
- You will be able to see the sell option.
- Tap on sell and you can see the current market price.
- Enter the amount of gold you want to sell in mg. Tap on tick mark for the confirmation.
- Gold will be sold and your bank account will be credited with a gold amount.
Check Gold Transactions Google Pay
This app also allows you to check your gold transactions on the move. You will be able to see transaction amount, transaction status, vendor, To and From email ID as well as invoice number.
Open Google Pay app.Go to Business & Tap Gold Vault. Find the transaction you would like to see.
Click on the transaction and you will be able to see transaction details.
How to Order Physical Gold via Google Pay App?
You can also get physical delivery of Gold via this app. The gold will be delivered to your home. However, this service is not offered in all the areas. The process of ordering gold via Google Pay app is given below.
Open the app and find out Gold Vault. Tap on the delivery tab and enter PIN code for your delivery address. Tap next button and add gold which you want to order. Once you are ready click on the checkout button. Enter delivery address information and tap on Deliver to this address. After entering correct details click on Pay. You need to pay delivery charges and manufacturing charges for getting physical delivery. Select the payment option and proceed for payment. Once payment is made you will be able to track the status of delivery via Track Delivery option. Delivery is likely to take 1-3 days after placement of order.
Should you purchase Gold via Google Pay App?
It is very easy to buy gold via Google Pay. Anyone can purchase and even take physical delivery of the gold. However, before buying gold via Google Pay you need to consider important points given below.
- The Gold Accumulation Plan (GAP) is valid for 5 years. If you are planning to purchase gold for long term this platform is not suitable for you.
- The delivery of physical gold is limited to certain areas/address. You need to pay additional taxes, delivery charges and manufacturing charges for getting physical delivery of gold.
- It is compulsory to do transaction within time period of 18 months. In case you fail to do so your account will become inactive.
- Nominee facility is not available. In case of death of account holder, you need to follow the legal heir process which is time-consuming and cumbersome.
- You need to check for applicable taxes and storage charges before buying gold using this app.
- Gold purchased via this option is not completely secured.
- Terms and conditions of MMTC-PAMP is subject to change anytime.
I hope you have got a complete understanding of god buy and sell process using google pay including benefit and drawbacks. You can buy gold using this app. However, if you are long term investor of Gold, I would recommend buying a Gold ETF.