Google Pay UPI payments app now lets users buy and sell gold in India

Search giant Google has partnered with bullion refiner MMTC-PAMP India. As a result of this partnership, Google Pay users can buy and sell gold through app. Or UPI payments app such as Paytm, Mobikwik and PhonePe offer a similar service. Google Pay users can buy 99.99 per cent 24-karat gold, company said.

"Gold is core to Indian culture and trition, making India 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 India Director Product Manment Ambarish Kenghe said.

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Google Pay users can purchase gold for any value and that will be stored on behalf of user, by MMTC-PAMP, in secure vaults. Google Pay users can purchase and sell this gold any time at latest price. Prices automatically refresh every few minutes and show up clearly on Google Pay app.

anuncement comes a day after Delhi High Court asked Reserve Bank of India (RBI) as to how was Google Pay was facilitating financial transactions without its authorisation. court also issued a tice to RBI and Google India seeking ir response on issue.

Google spokesperson said Google Pay complies with all applicable legal requirements.

"Google Pay operates as a techlogy service provider to its partner banks, to allow for payments through UPI (Unified Payments Interface) infrastructure, and is t part of payment processing or settlement. re is requirement for licensing of se services under prevailing statutory and regulatory provisions," spokesperson h said.

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Google spokesperson h stated Google is mindful to prioritise data security and that company is committed to complying with laws.

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

(With PTI inputs)