How to buy Gold in Google Pay in India?

Now, Google Pay users can buy and sell gold through the app. Google has partnered with MMTC-PAMP India to make available this feature. MMTC-PAMP India Pvt. Ltd. is the only LBMA-accredited gold refinery in India. In this post, let us take a look at how to buy Gold in Google Pay in India?

Table of Contents

How it works?

When buying gold in Google Pay, you purchase 99.99% pure 24 Karat gold units from MMTC-PAMP.

A Gold Accumulation Plan (GAP) is maintained by MMTC-PAMP that store your gold in the physical form as a custodian as long as you own the precious metal (gold).

Google Pay gold purchase made through MMTC-PAMP are 100% insured to ensure your gold’s security.

Buy Gold on Google Pay in India – Features

1. You can buy or sell gold back to MMTC-PAMP at any time at the latest price displayed on Google Pay app.

2. The minimum purchase amount is Re 1 of gold.

3. The gold bought from Google Pay App appears in your “Gold Vault”.

4. The “Gold Vault” option on the app is a visual, digital representation of your GAP account.

5. You can view all your transactions from your Vault.

6. The Gold Vault is linked to your SIM and phone number. If the SIM or phone number is changed, you need to get your identity verified again to restore access to your account

7. GAP accounts holding total gold over Rs.49,999 need to follow Know Your Customer (KYC) norms before more purchases.

8. Once your transaction is processed then you cannot cancel the purchase. However, you can sell it back to MMTC at the current price.

9. The minimum sale amount is Re.1 of gold. However, you can sell up to Rs.2 lakh or the total amount of gold in your Vault, whichever is lower.

10. You can choose to deliver actual gold that you have in your Vault to an address of your choice.

How to buy and sell Gold in Google Pay?

Now you can buy and sell gold in Google Pay app from and to MMTC-PAMP. MMTC-PAMP India Pvt Ltd is a joint venture between PAMP SA and MMTC Ltd, a Government of India undertaking. Here is a complete process for Google Pay buy gold.

How to buy Gold on Google Pay?

You can digitally buy and store gold from MMTC-PAMP India Pvt. Ltd. on Google Pay using your existing payment methods. Follow the below steps for buying gold in Google Pay (buying gold from Google Pay):

1. Open Google Pay app for buying gold in Gpay. If you don’t have it installed, download and install it on your gadget from Google Play Store and create a UPI account to use the app.

2. Next, tap on “Explore” tab to explore businesses.

3. Now scroll down and click on the “Buy” option in the “Finance” section.

4. Now tap on the “Buy Gold” option to buy gold Google Pay. Here, you can see the Google pay gold price (including tax/gst) on right hand side of the screen. This purchase price stays frozen for five minutes after you begin the purchase.

5. Next, enter the amount of gold (in rupees) that you want to purchase. The app will show the quantity of gold you can buy for the amount entered.

6. Tap the tick icon.

7. Select your preferred mode of payment in the window that appears.

8. Tap on the “Proceed to pay” tab and complete the purchase.

9. Once the purchase transaction is successful, the gold will appear in your Vault within a few minutes. If payment fails while purchasing gold, the money debited will be refunded within 3 business days.

10. Note that once your transaction is processed then you cannot cancel the purchase. However, you can sell the gold back to MMTC-PAMP at the current price

11. You can also arrange for a legal heir to inherit the gold in your Vault.

12. This is how to purchase gold in Google Pay.

How to Sell Gold in Google Pay?

You can also digitally sell gold on Google Pay back to MMTC-PAMP that you own in your Gold Vault. Follow the below steps to sell gold through Google Pay App in India:

1. Open the app and tap on “Explore” tab to explore businesses.

2. Next scroll down and click on the “Gold” option in the “Finance” section.

3. Now tap on the “Sell” option. Here, you can see the Goolge pay gold price for selling gold on the lower part of the screen. This selling price stays frozen for six minutes after you begin the sale. Note that tax is not applied to the sale of gold.

4. Next, enter the amount of gold that you want to sell in mg. The current market value is shown in rupees under the amount of gold. The minimum sale amount is Re.1 of gold. However, you can sell up to Rs.2 lakh or the total amount of gold in your Vault, whichever is lower.

5. Tap the tick mark.

6. Once your sale transaction is confirmed, the money will appear in your bank account linked to Google Pay within a few minutes.

7. This is how to sell gold on Google Pay.

How to view transaction details in your Gold Vault?

The details of all your gold transactions are available in your Vault. Google Pay provides the following details:

Transaction amount
The transaction’s status
UPI, vendor, and Google transaction IDs
“To” and “from” email addresses
Invoice number

Follow the below steps to view the details of your gold transaction:

1. Open the app.

2. Now under businesses, find and tap “Gold Vault”.

3. Here, find the transaction of your interest.

4. Next, tap the transaction box to view the details of your transactions.

5. All the transaction details appear. Note that the transaction details are available as soon as your transaction is completed, even if it was unsuccessful.

How to get gold delivered to your Address?

You can also deliver actual gold that you own in your Google Pay Gold Vault to an address of your choice. Note that the gold delivery isn’t available in all areas. Follow these steps to get the gold delivered to your address:

1. Open the app and tap on “Explore” tab to explore businesses.

2. Now scroll down and click on the “Gold” option in the “Finance” section.

3. Now tap on the “Delivery” option.

4. Here, enter the PIN code for the address of your choice, then tap “Next”.

5. Tad “Add to basket” under the gold that you want to select.

6. Tap on the “Add” or “Remove” option to add more or reduce the amount of gold selected.

7. When you are done, tap “Check out”.

8. Now enter the delivery address details and tap “Deliver to this address”.

9. Review your delivery order and fix any incorrect information if required by tapping on “Back”.

10. Tap on “Pay” to confirm your order.

11. Now choose a payment method and tap on “Proceed to pay”.

How to track your gold delivery?

You can also track your gold deliveries 1to 3 days after your order completed. Follow these steps to track your delivery:

1. Open the app.

2. Now scroll down and click on the “Gold” option in the “Finance” section.

3. Select the gold delivery that you want to track.

4. Tap on the “Track delivery” option to track your delivery.

Final Thought

I hope now you know how to buy gold in Google pay right on your mobile phone, from wherever you are. There is no need to visit a jeweler to buy gold during a busy festive occasion. The gold purchased on Google Pay App stored by MMTC-PAMP in secure vaults. You can buy or sell this gold any time at prices displayed on the app.

Note: This post was originally published on October 2, 2019 and has been completely updated for accuracy and comprehensiveness.