How To Buy And Store Gold On Google Pay In India?

Mobile apps are one of the most recent and easiest mediums to add gold to your investment portfolio. With prices on the rise amid concerns of economic slowdown, the yellow metal has caught attention among investors once again.

Earlier this year, tech giant Google, launched a service over its UPI app-Google Pay (earlier known as Tez) to purchase 99.99 percent pure 24k gold digitally for an amount as little as one rupee through MMTC-PAMP.

How does it work?

Through Google Pay app, you can buy or sell gold from and to MMTC-PAMP. MMTC-PAMP India Pvt Ltd is a joint venture between PAMP SA, an independently operated Swiss precious metals refining company and MMTC Ltd, a Government of India undertaking and India's largest bullion trader.

A Gold Accumulation Plan (GAP) will be maintained by MMTC that will store the metal on your behalf in physical form as a custodian, as long as you do not make a sale.

Purchases made through MMTC-PAMP are insured to ensure that your gold is safely stored.

Features

• Google Pay account has a "Gold Vault" option on the app that shows a visual digital representation of the GAP account.
• You can view your balance and all your transactions connected to the vault over the app.
• Gold can be bought and sold back to MMTC-PAMP at current prices displayed over the app.
• The minimum purchase amount is Re 1.
• GAP accounts holding gold worth more than Rs 50,000 and more will have to follow the Know-Your-Customer (KYC) norms to be allowed to make more purchases.
• The Gold Vault is linked to the phone number connected to the app. If the phone number is changed, one will need to get their identity verified again to gain access to the account.
• One's account will automatically sign out if any suspicious activity is detected.
• You can also choose to have the gold purchased to be delivered to your house.
• You can also arrange for your legal heir to inherit the gold in your vault. After the heir's identity is confirmed, MMTC-PAMP closes the gold account and physically delivers your gold to the heir.

How to buy gold on Google Pay?

1. Open Google Pay app. If you don't have it installed, you will need to download it from Play Store and create a UPI account.
2. Tap on "New" and type "Gold Vault" in the search tab. (Refer image)
3. Tap on the "Buy" option and you should be able to see the current purchase price on the lower part of the screen. Enter the amount you wish to invest and the app will display the quantity you can purchase for the amount entered. Note that the purchase price will be frozen for 5 minutes from the time you begin your purchase.
4. The amount displayed includes taxes. Taxes could differ according to location. Google Pay reads your location over GPS.
5. Once you have entered the amount (in rupees), you can tap on the tick icon.
6. Choose your preferred mode of payment in the next step and complete the purchase.
7. If the payment is successful, the gold should appear in your vault in a few minutes. If the payment fails, the amount debited will be refunded within 3 business days.
8. Note that you cannot cancel the purchase, but you can sell the gold back to MMTC PAMP at the current rate.

How to sell gold on Google Pay?

1. Open Google Pay app.
2. Tap on "New" and type "Gold Vault" in the search tab.
3. Tap on the "Sell" option and you should be able to see the current purchase price on the lower part of the screen. Note that the purchase price will be frozen for 5 minutes from the time you begin your sale.
4. The amount displayed does not include taxes as taxes are not applicable on the sale.
5. Enter the amount you want to sell. The minimum sale amount is one rupee. You can sell all the gold in your vault at once but only to the extent of Rs 2 lakh.
6. Tap the tick icon.
7. When you sale is successfully completed, the money will appear in your bank account linked to Google Pay within a few minutes.

How to view transaction details?

Google Pay provides details on:

• Transaction amount
• The transaction's status
• UPI, vendor, and Google transaction IDs
• "To" and "from" email addresses
• Invoice number

To view these details:

1. Open Google Pay.
2. Under "Businesses" find "Gold Vault."
3. Find the transaction of your interest.
4. Tap the transaction box to view details.
5. All transaction details (whether or not successful) will be displayed.

How to get gold delivered to an address using Google Pay?

1. Open Google Pay.
2. Tap on "New" and search for "Gold Vault."
3. Tap on "Delivery."
4. Enter the Pincode for your delivery address and tap "Next."
5. Select "Add to basket" under gold. You can tap on "add" or "remove" option to increase or reduce quantities.
6. Tap "Check Out" when you are ready and enter the address you want the gold to be delivered to.
7. Tap "Deliver to this address."
8. Review your delivery order and make any changes if required by returning to the previous page.
9. You can tap "Pay" to confirm your order.
10. Choose a payment option and then tap "Proceed to Pay."

How to track your gold delivery?

1. Open Google Pay.
2. Tap on "New" and search for "Gold Vault."
3. Tap on "Delivery."
4. Enter the Pincode for your delivery address and tap "Next."
5. Select "Add to basket" under gold. You can tap on "add" or "remove" option to increase or reduce quantities.
6. Tap "Check Out" when you are ready and enter the address you want the gold to be delivered to.
7. Tap "Deliver to this address."
8. Review your delivery order and make any changes if required by returning to the previous page.
9. You can tap "Pay" to confirm your order.
10. Choose a payment option and then tap "Proceed to Pay."