E-commerce giant Amazon has launched a virtual gold buying and selling option called ‘Gold Vault’. The users will be able to directly buy and sell gold-stock any time at the latest price, which is updates at regular intervals in a day and can be accessed under the Insurance category of Amazon Pay.
This is the second major launch by Amazon in India this week and the third in 2020. Last week, the Jeff Bezos led company entered the space of e-pharmacy with the launch of Amazon Pharmacy and initiated online food delivery service.
Amazon has joined Safegold (Digital Gold India Pvt Limited) as the partner-seller. Safegold is an institutionally backed company, primarily owned by Invent Advisors Private Limited (Invent). The World Gold Council (India) Private Limited, as well as various other investor funds, hold minority stakes in the company.
While the gold can be purchased in multiple transactions of any denomination and accumulated over a long period, every purchase made is placed in a secure vault backed by the government regulated security trustee.
One can buy gold as low as Rs 1 or 2 gm. The value of gold purchased can be redeemed at any time as cash into the respective bank account.
Currently, Paytm Gold holds a 70% share in the digital gold market. The launch of ‘Gold Vault’ marks the entry of Amazon in direct competition to PhonePe, Paytm, Mobikwik, ET Money and Google Pay’s digital gold services.
Once you log in and click on the Gold Vault icon, you can see the Buy price at that time. Confirm the Rupee value or the gold weight in grams that you want to buy and finish payment. The value of gold purchased will be credited to your Gold Vault; which can then be accessed anytime from your Amazon account.