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Google Pay launches gold buying, partners MMTC-PAMP India

Press Trust of India  |  New Delhi 

Tech giant Thursday said it has partnered with bullion refiner MMTC-to allow Pay users to buy and sell gold through the app, a service that is already offered by the likes of Paytm, and

Through this partnership with India's only LBMA accredited gold refinery, Pay users will be able to buy 99.99 per cent 24-karat gold, Google said in a statement.

"Gold is core to Indian culture and tradition, making the world's second largest consumer of gold. Indians buy gold to mark auspicious occasions each year be it Akshaya Tritiya, Dhanteras or Diwali," Google Pay said.

Google Pay users can purchase gold for any value and that will be stored on behalf of the user, by MMTC-PAMP, in secure vaults.

The users can buy and sell this gold any time at the latest price, refreshed every few minutes, as displayed on Google Pay app.

The announcement comes a day after the asked the Reserve as to how was Google Pay was facilitating financial transactions without its authorisation. The court issued notice to RBI and seeking their stand on the issue.

Google Pay complies with all applicable legal requirements, a Google had said in a statement on Wednesday.

"Google Pay operates as a provider to its partner banks, to allow for payments through the UPI (Unified Payments Interface) infrastructure, and is not part of or settlement. There is no requirement for licensing of these services under the prevailing statutory and regulatory provisions," the had said.

The had stated that the company is mindful to prioritise data security and that it is committed to complying with the laws.

"In order to support our partner banks, our efforts in complying with the government's data localisation norms are underway, and given the scale and complexity, we are being mindful to prioritise data security and uninterrupted services to our users as we make this transition. The central is apprised of the progress and we remain committed to complying with the laws of the land," the spokesperson had said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 18:50 IST