New Delhi: Google has announced its partnership with MMTC-PAMP India Pvt. Ltd for enabling the purchase and sale of gold through the Google Pay app. The MMTC-PAMP India company is an internationally recognised metal and mining service provider. Also Read - Gold Price Today January 15, 2021: Yellow Metal Rates Fall Again, Silver Drops | Prices in Various Indian Cities Here

In a statement, Google said, “Google Pay users would be able to buy 99.99 per cent 24 karat gold after this partnership with India’s only LBMA accredited gold refinery.” Also Read - Google Drops Several Personal Loan Apps. Here's Why You Need To Be Careful

Therefore, Google Pay users can purchase gold for any value that will be stored in secure vaults on their behalf by MMTC-PAMP. The users can buy and sell the gold any time at the latest price, refreshed every few minutes, as displayed on the Google Pay app. Also Read - On Makar Sankranti, Gold Price Today Sees Sharp Decline, Silver Gains

This feature is introduced especially for millions of Indian users so that they can buy and sell gold during festivals such as Akshaya Tritiya, Dhanteras or Diwali, stated the company in a blog post.

“Gold is core to Indian culture and tradition, making India the world’s second largest consumer of gold,” said Ambarish Kenghe, the Director of Google Pay’s Product Management section in India.” Ambarish Kenghe added, “Keeping this in mind, we introduced gold buying and selling feature on Google Pay for millions of Indians who can buy gold whenever and from wherever, right from their mobile phones.”

(With agency inputs)