Google Pay to enter wealth management services with ‘Gold Account’ Yuvraj Malik|Bengaluru for Business Standard
TDC Note – Did I miss something or is google attempting to keep up with Amazon and control everything? Why is this a good idea for google to get into the gold business? That’s like inviting a thief to stand guard over a vault.
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Move marks the tech giant’s entry into wealth management space in India
Internet giant Google is readying a service that will allow Indians to buy gold on its mobile payments app Google Pay. The plan is to launch ‘Gold Account’ — a gold-linked savings scheme — for users to purchase gold at prevailing market prices, maintain gold balance virtually and redeem at a later stage as gold coins or cash.
The move would mark the entry of Google Pay into wealth management services. Launched as Tez in September 2017, and rebranded as Google Pay a year later, the app currently allows peer-to-peer and peer-to-merchant payments.
In September, Google said the payments app had 25 million monthly active users (MAUs) — people who use the app at least once a month — in India.
According to Google Pay’s terms and conditions page, first pointed out by business intelligence platform, Paper.vc, the California-based technology major has tied up 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.
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