The payments arm of Google, Google Pay has made an announcement that it will soon sell digital gold and other wealth management products.
Already the US search giant has updated its terms of service and expanded 'GAP' for Gold Accumulation Plan provided by MMTC and Gold Account means such account on Google Pay which has been linked to the GAP.'
As of September 2018, the company has 25 million users in India. The digital gold offering which is a tie up with the MMTC-PAMP, a customer can buy, sell as well as store gold digitally. The process entails signing of the customer with a valid login ID and password. Gold thus purchased will be safely kept in MMTC vaults without any storage costs.
Also, Google in order to expand its offline presence has tied up with point-of-sale companies Innoviti Payment Solutions Pvt. Ltd and Pine Labs.