How to Buy Gold on Google Pay: Step-by-Step Guide
Google Pay is a digital payment app that allows you to pay, transfer, and receive money from friends and family.
When you buy or sell gold through Google Pay, you purchase 99.99% pure 24 K gold units from MMTC-PAMP. As you buy gold on Google Pay, it gets stored in a Gold Accumulation Plan (GAP) maintained by MMTC-PAMP where your gold is stored in the physical form till the time you own the gold. Gold purchased or received in your Google Pay account is shown in your Gold Locker. The Gold Locker is a digital representation of your GAP account balance. You can view all your transactions, buy gold or sell gold back to MMTC-PAMP. Gold purchases through MMTC-PAMP are 100% insured, ensuring your gold’s security.
Your Gold Locker is linked to your SIM and phone number. If you change your SIM or phone number, Google will need to verify your identity to restore access to your account.
How to buy gold on Google Pay?
These are the steps you need to know in order to buy gold on Google Pay:
- Open Google Pay on your phone.
- Tap on New.
- Enter "Gold Locker" in search bar and search for that term.
- Now tap on Gold Locker.
- Tap on Buy. The current market buying price of gold (including tax) is displayed. The price that is displayed on your screen stays locked for 5 minutes after you begin the purchase, as the buying price changes throughout the day.
Note: Taxes may be different in different areas, based on your postal code.
- Enter the amount of gold you want to buy, in INR.
- Click on Checkmark Tick mark.
- Select your choosen payment method in the window that appears.
- Click Proceed to pay.
- After the transaction is confirmed successfully, the gold purchased would appear in your Locker within a few minutes.
In the above post we have told you about how to buy gold on google pay.
Things to Note:
You can buy gold as much as you want there's no overall limit but there's a daily limit of Rs.50,000 that you can buy in a day.
The minimum purchase amount is Rupee 1 of gold. However, GAP accounts that total over ₹49,999 must follow Know Your Customer (KYC) norms before more purchases are allowed.