Google is reportedly set to unveil a service that will allow Indians to buy gold on its mobile payments app Google Pay, according to local media reports in India.
The plan is to roll out the gold account, a gold linked savings scheme, for users to purchase the precious metal at market prices.
Reports said the California-based tech giant has signed a deal with MMTC-Pamp India, a joint venture between state-owned metals trading company MMTC, and Swiss refiner of precious metals Pamp SA, for the gold accounts.
Gold bought through Google Pay will be sourced from and maintained in physical form by MMTC-Pamp.
The account balance will reflect the current price of the accumulated gold units, which can be redeemed as physical gold or cash in the account once those are equivalent to the minimum denomination of, say, 1 gram of actual gold, reports say.
International Adviser contacted Google for a comment, but it did not provide one before the article was published.
The media reports said that a Google India spokesperson declined to comment.
