How to Purchase Gold on Google Pay?
You can receive and transfer money with the help of the Google Pay app. Apart from transferring and receiving money, various utility bills can be paid via the app as well. However, your bank amount must be linked to the app before any payments can be made.
Google Pay also offers the option to purchase and store gold digitally. Once the gold has been purchased, a Gold Accumulation Plan (GAP) stores it and the maintenance is done by the MMTC-PAMP Pvt. Ltd.
Process to Purchase Gold on Google Pay
The step-by-step procedure to purchase gold on Google Pay is mentioned below:
- Open the Google Pay app on your smartphone.
- Type 'Gold Locker' in the search bar.
- Select 'Gold Locker'.
- Select 'Buy'. The market price of gold with GST and without GST will be displayed on the screen.
- Enter the amount next.
- Tap on the tick mark.
- Choose the account from which you would like to make the payment from.
- Enter the PIN to complete the process. The amount of gold that you have purchased will be displayed in the locker.
Read More on Gold
Gold as an Investment
- GST on Gold
- Gold And Devaluation
- Gold Price Valuation In India
- Why Is Gold Rate Fluctuating
- Why Investing In Gold Is A Golden Opportunity
- How Gold Rate Fluctuation Affects Indian Economy
- Top 8 Reasons to Invest in Gold
- How Does Gold Investment Affect Indian Economy?
- How Will Restricting Gold Imports in India Affect Gold Rates?
- Top 5 Factors That Affect Gold Rate In India
- Why Gold Prices Are Up
FAQs on How to Purchase Gold on Google Pay?
- Is there an overall limit of gold that can be purchased on the Google Pay app?
No, there is no overall limit of gold that can be purchased on the Google Pay app.
- Is there a daily limit of gold that can be purchased on the Google Pay app?
Yes, gold worth Rs.50,000 can be purchased on a daily basis.
- Is there a minimum amount of gold that must be purchased?
Yes, at least Rs.1 must be spent on the purchase of gold.
- Is it possible to sell the gold on the Google Pay app?
Yes, the gold can be sold on the Google Pay app.
- Will the Gold Locker account be linked to my phone number?
Yes, the Gold Locker account will be linked to your phone number.
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