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What is Digital Gold? How to Buy Digital Gold from Google Pay?

May 2, 2022

Indians love to flaunt their love of gold and buying gold during festival seasons is considered auspicious. Akshaya Tritiya is one of the festivals where buying gold is considered to bring money and good fortune..

Nowadays, instead of physically going to a jewelry store to buy gold, one can do it online. Here is a look at what digital gold is and how one can buy and sell gold online.

Investors can buy gold in small amounts from digital gold service providers like Gpay and Phonepe, as well as brokerage businesses like Paytm Money, HDFC Securities, Motilal Oswal, and others.

According to Google pay website, when you use Google Pay to buy or sell gold, you’re buying 99.99 percent pure 24 K gold units from MMTC-PAMP.

Your gold is kept in a Gold Accumulation Plan (GAP) that MMTC-PAMP manages for you by keeping it in physical form as a custodian for as long as you possess it. Gold purchases made through MMTC-PAMP are fully guaranteed, ensuring that your gold is safe.

Gold Locker
In the gold locker, there will be details of your purchases or received using your Google Pay account. Your GAP account balance is represented visually and digitally in the Gold Locker. You can view all of your transactions, buy gold, and sell gold back to MMTC-PAMP from your Locker.

How to buy gold via google pay
To buy gold on Google Pay, follow these steps:
Step 1: Open Google Pay and tap new
Step 2: Enter “Gold Locker” in search bar.
Step 3: Click on Gold Locker and click Buy.
The current market buying price of gold (including tax) appears. This price stays locked for 5 minutes after you begin the purchase, as the buying price may change throughout the day.
Note: Taxes may be different in different areas, based on your postal code.
Step 4: Enter the amount of gold you want to buy, in INR and select Checkmark.
Step 5: Select your preferred payment method and proceed to pay.

While there is no limit on how much gold you can buy in total. There is a daily limit of Rs 50,000 that you can purchase in a single day. The minimum gold to buy is one gram. GAP accounts with a balance of more than Rs 49,999, on the other hand, must comply with Know Your Customer (KYC) requirements before making additional purchases.

How to sell gold via google pay
If you have gold in your account and you want to sell the same can do by following easy steps. Once you sell, the amount is transferred to your Google Pay primary bank account. You can also make arrangements for the gold in your Gold Locker to be passed on to a legal heir.

To sell gold on Google Pay, follow these steps:
How to buy gold on Google Pay, follow these steps:
Step 1: Open Google Pay and tap new
Step 2: Enter “Gold Locker” in the search bar.
Step 3: Click on the sell option.

On the screen, the current gold market selling price is displayed. The selling price may change during the day, this price is fixed for 8 minutes after you start the sell transaction.

Step 4: Enter the weight of gold you want to sell in milligrams. Under the amount of gold, the current market value is shown in INR. Mark the box with a check mark.
After your sale has been confirmed, the funds should be available in your account within a few minutes.

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