Google Pay to Add Gold Gifting Option to App for Indian Users
Google Pay will collaborate with MMTC-PAMP India and allow users to purchase 24 karat gold which will be stored digitally in a Gold Accumulation Plan.
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Google in August rebranded its Indian payment app Google Tez to Google Pay in order to tap into the growing digital payment space in the country. After the rebranding, Google has been consistently adding functionalities to the app to make it more appealing. A few days back, it was reported that a material theme redesign for the app is in the works. Now, a new report says that Google is planning to add gold gifting option to the Google Pay (Tez) app for India. To recall, Google Pay (Tez) app had introduced an option in April this year to purchase digital gold. Google had partnered with MMTC-PAMP India to allow users to buy 99.99 per cent 24 karat gold from within the Google Pay (Tez) app in denominations of as low as One Rupee. The gold purchased is digitally stored in a Gold Accumulation Plan (GAP) by MMTC-PAMP, and physically stored in secure vaults on behalf of the user.
Every gram of gold accumulated in the GAP account is backed by actual physical gold. This means that at any given time in future, users can convert their digital gold into physical gold. Alternatively, gold that has been purchased can also be sold from within Google Pay app at any time at the prices prevailing at the time of selling.
According to the report, Google Pay (Tez) v48.0.001_RC03 is showing new strings that indicate that Google is moving a step forward and allowing users to gift gold to each other. The text of the strings reads like, “Add a personal note, Gift gold to…, worth…, How much gold to gift,” etc. The feature is not yet live in the latest version of the app, but Google is expected to announce it in future builds when it is fully ready to be rolled out.
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