The e-commerce platform has collaborated with SafeGold for this offering, the e-commerce major informed on Thursday.
With this collaboration, Amazon Pay has entered into the fray to compete with other digital payment firms including Paytm, PhonePe, Google Pay, MobiKwik, Axis Bank-owned Freecharge and others, which have added digital gold in their bouquet of offerings.
What does the feature allow you to invest in?
With this new offering, you will have the freedom to buy and sell gold at any time with competitive pricing, and without much hassle of renting a locker for safety.
What prompted this offering?
As per Mint payment firms have been ramping up their digital gold offerings to boost transactions on their platform during the lockdown. They were trying to benefit from festivities around Akshaya Tritiya and encourage users to buy digital gold.
Which platforms allow this feature?
Paytm and PhonePe launched their digital gold offerings in 2017, while Gurugram-based MobiKwik was offering it since 2018, and Google Pay finally allowed users to invest in digital gold in April 2019.
The online sale of gold has picked up recently in the country as customers prefer traditional ways to purchase physical gold, more so in the form of jewellery and for gifts. India has remained one of the biggest markets for gold and rise in wealthy Indians have driven the demand for the precious metal.