The e-commerce platform Amazon has recently added a virtual gold buying and selling option called as the ‘Gold Vault’. This has proven to be direct competition to PayTM, PhonePe, MobiKwik, ET Money and also Google Pay’s digital gold services.
With the Gold Vault feature, the users can now buy and sell gold at the latest price. The prices get refreshed every 5 minutes. This feature can be accessed under the Insurance category on Amazon Pay in the main app.
An Amazon spokesperson has said that, “We believe in innovating on behalf of our customers to create newer experiences for them. This has led to Amazon Pay launching digital gold services in partnership with Safegold.”
“SafeGold makes saving in gold as convenient as possible, and we have an exciting roadmap of product features ahead, including delivery and exchange for jewelry,” he further added.
Some exciting things about this feature are-
A person can buy gold in multiple transactions of any denomination and can be accumulated over a long period of time. All of the purchases are placed in a secure vault which is backed by the government regulatory trustee.
A person can buy gold as low as Rs 1 or 2 gm. Although the EMI option can’t be used for buying gold since the regulations don’t allow it. The amount of gold bought can be redeemed at any time as cash into the respective bank.
The e-commerce major has also partnered with SafeGold (Digital Gold India Pvt. Ltd) as the partner seller. Primarily owned by Invent Advisors Pvt. Ltd, SafeGold is an institutionally backed company. The World Gold Council (India) Pvt. Ltd and a few investor funds hold minority stakes in the company.
Gold Vault is the second major announcement made by Amazon in India. Last week the company launched Amazon Pharmacy and forayed into e-pharmacy.