After Google Pay, Amazon Launches 'Virtual Gold' Buying Feature 'Gold Vault' For Their Users

• After G-Pay, E-commerce major Amazon launched its own 'Gold Vault' feature for its users.
• Amazon has partnered with SafeGold (Digital Gold India Pvt Limited) as the partner-seller.
• SafeGold is a platform that allows users to buy and accumulate gold online.

After Google Pay, E-commerce major Amazon has launched its own 'Virtual Gold' buying feature 'Gold Vault' for its users. The entry to this segment potentially poses a direct competition with market leaders like Paytm, Phonepe, Mobikwik, and Google Pay.

Earlier this year, Google Pay launched its gold buying feature 'Gold Vault' partnering with MMTC-PAMP India Pvt. Ltd for its users. Other virtual gold buying platforms like Paytm and Mobikwik also partnered with MMTC-PAMP India Pvt. Ltd. While PhonePe has partnered SafeGold.

MMTC-PAMP is another platform that offers to buy and sell gold online. It secures your gold in physical form until the user redeem the gold or sell back the gold to MMTC-PAMP. Also, It offers users to get their gold in the physical form.

Furthermore, The users can buy and sell the virtual gold any time at the latest price, which gets refreshed every 5 minutes and can be accessed under the Insurance category of Amazon Pay on the main app. 

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“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.” said, Amazon spokesperson.

Amazon has partnered with SafeGold (Digital Gold India Pvt Limited) as the partner seller for its own 'Gold Vault' feature on the main app.

SafeGold is another platform in the market, which offers users to buy and sell gold in a simple and transparent way. It is a platform that allows you to buy, sell, and take delivery of 24k physical gold, at low ticket sizes, around the clock, with the tap of a button.

This is the second major launch by Amazon India this month. Earlier this month Amazon India has launched its own E-Pharmacy platform in Bengaluru, following Reliance Jio also acquired NetMeds to launch its own E-Pharmacy service.

Moreover, Users can buy gold as low as 1 rupee or 2 gm on the Amazon Gold Vault platform. Users cannot use Amazon Pay balance to buy virtual gold but can use debit cards, credit cards, net banking, and UPI.

According to the reports, At present, Paytm Gold is holding a 70% share in the digital gold market.