Do you use Google Pay to complete various online financial transactions, including making payments? If you use the app then you should know that you can digitally buy and sell gold on Google Pay through MMTC-PAMP India Pvt. Ltd using your existing payment methods. The information was provided by Google Pay over its support page. As per the information provided by the application, when you buy or sell gold through Google Pay app, you purchase 99.99 percent pure 24 K gold units from MMTC-PAMP. The gold you buy is stored in a Gold Accumulation Plan (GAP) maintained by MMTC-PAMP.
If you also want to buy or sell gold via Google Pay then check the step-by-step guide here:
How to buy gold via Google Pay:
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- Open Google Pay.
- Tap New.
- In the search bar, enter “Gold Locker” and tap on it.
- Tap 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. It can be noted that the taxes may be different in different areas, based on your postal code.
- Enter the amount of gold you want to buy, in INR. There is no overall limit on the total worth of gold you can buy. However, there is a daily limit of ₹50,000 that you can buy in one day. The minimum purchase amount is ₹1 of gold. However, GAP accounts that total over ₹49,999 must follow Know Your Customer (KYC) norms before more purchases are allowed.
- Tap Check mark.
- Select your preferred payment method in the window that appears and tap on proceed to pay. After the transaction is confirmed, the gold should appear in your Locker within a few minutes.
It can be noted that you cannot cancel a purchase after the transaction is processed. You can, however, sell it back at the current market price. Also, if payment fails during your gold purchase, any money debited will be refunded within 3 business days.
How to sell gold via Google Pay:
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1: Open Google Pay.
2: Tap New.
3: In the search bar, enter “Gold Locker” and then tap on it.
4: Tap Sell. The current market selling price of gold appears. This price stays locked for 8 minutes after you begin the sell transaction, as the selling price may change throughout the day. It can be noted that tax is not applied to the sale of gold.
5: Enter the amount of gold you want to sell in mg. The current market value is shown in INR under the amount of gold. While the minimum sale amount is ₹1 of gold, you can sell up to ₹2 lakh or the total amount of gold in your Locker, whichever is lower.
6: Tap Check mark. After your sale is confirmed, the money should appear in your account within a few minutes.