Buying Digital Gold on Paytm, Google Pay, Phone Pe: Here’s a Step-by-Step Guide

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Digital Gold: Know How to Invest in Pure 24k Gold Online

Digital gold frees investors from two major irritants associated with buying the precious metal: storage and investment size. Storing physical gold always carries a risk of theft, while the cost of buying 10g of 24k gold is over Rs 50,000. These two factors dampen the spirit of investment in the commodity. Digital gold solved both of these problems for investors, freeing them from the burden of physical storage and giving them the freedom to purchase units for as little as Re 1.

What is digital gold?

It is a secure online investment instrument that allows investors to purchase certified pure 24 karat gold. The buyer only gets digital units from the sellers, who store an equal amount of yellow metal in a secure vault on behalf of the customer. The instrument is therefore well suited to the needs of new-age investors, who prefer mobility, flexibility and speed to everything.

While the case for investing in digital gold for portfolio diversification purposes or any other investment need is strong, investors will do well to note that it is not the most effective way. to invest in the precious metal. If the goal is only to invest, nothing beats gold sovereign bonds. You can read all about the risks of investing in digital gold here. (https://www.timesnownews.com/business-economy/personal-finance/digital-gold-investing-know-risks-other-limitations-article-95040308)
Those convinced of digital gold can read on to find out how to use wallet apps like Google Pay, PhonePe and Paytm to invest.

In India, you can buy digital gold from several mobile e-wallets such as Paytm, Google Pay and PhonePe. Currently, three companies are offering digital gold in India – Augmont Gold Ltd, MMTC-PAMP India Pvt. Ltd, a joint venture between state-owned MMTC Ltd. and the Swiss company MKS PAMP and Digital Gold India Pvt Ltd with its SafeGold brand. Once you invest in digital gold, these trading companies buy an equivalent amount of physical gold and store it under your name in secure vaults.

Google Pay

Google Pay allows you to digitally purchase and store gold from MMTC-PAMP India Pvt. ltd. using your existing payment methods.

Open Google Pay.

Tap New.

In the search bar, enter “Gold Locker”.

Then search for that term.

Tap Gold Locker.

Tap Buy.

The current purchase price of gold on the market (including taxes) appears. This price remains locked for 5 minutes after the start of the buy, as the buy price can change throughout the day.

Enter the amount of gold you wish to buy, in INR.

Tap Tick Tick

Select your preferred payment method in the window that appears

Press continue to pay

Once the transaction is confirmed, the gold should appear in your locker within minutes.

Payment

On the Paytm app:

Open the Paytm app on your mobile phone

Access the All Services section

Go to the search bar and search for the term Gold

Click Gold

Select from the options – Buy in Quantity or Buy in Grams

Enter the amount you wish to purchase and click Continue

Complete the purchase to buy digital gold. You can make payment from Paytm Wallet, UPI, Net Banking, Debit or Credit Card

On the Paytm website:

Go to the Paytm Gold page on Paytm

Select from the options – Buy in Quantity or Buy in Grams

Enter the amount you wish to purchase and click Continue

Complete the purchase to buy digital gold. You can make payment from Paytm Wallet, Net Banking, Debit or Credit Card

If you want physical delivery of units purchased on Paytm, you can do that too. Paytm will deliver physical gold after charging manufacturing and delivery costs, if any, according to its website.

PhonePe

Open the PhonePe app (new users need to download the app first)

Click on “My money”

Under Investment, click the Gold icon

Select Gold Provider — SafeGold OR MMTC-PAMP

Enter the amount of gold you want to buy (in rupees or grams)

Click on “Proceed to payment”

Use your preferred payment method – UPI/Debit Card/Credit Card/Wallet to complete the transaction.

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