How to Buy Gold via Google Pay

On 11th April 2019, Tech giant Google has announced its partnership with MMTC-PAMP India to allow Google Pay users to buy and sell gold through the google pay app. The facility of buying gold online is already available through Paytm, Mobikwik, and PhonePe. Through Google Pay, user can buy 99.99 %, 24 karat gold in the safe vault. In this article, we will discuss how to buy gold via google pay app? We will also look at the ways to buy gold online in India.

How to buy gold via Google Pay App?

India is the world’s second-largest consumer market for gold consumption. Through the Google Pay app, you can purchase gold for any value and that will be stored in a secure vault by the MMTC-PAMP on your behalf. The rate of the gold displayed on the google pay app is getting refreshed every few minutes.

Whenever you buy gold through Google Pay, gold units from MMTC-PAMP is stored in a Gold Accumulation Plan (GAP) by MMTC_PAMP and same will be stored in physical form until you sell it. The gold purchased and stored through MMTC-PAMP is 100% insured. So you don’t have to worry about your virtual investment.

User Guide for buying gold through Google Pay

Before we move ahead, let’s check a few of the prerequisite things that you need to ensure in order to start with your first gold buying transaction.

  • Google Pay requires access to your SIM and phone number in order to link it with your gold vault
  • Google Pay requires access to your current location to fetch the gold prices from MMTC-PAMP
  • You must have linked your bank account with your google pay account to transfer money to MMTC-PAMP for buying gold

Here is the stepwise process for buying gold through google pay.

  • Open Google Pay app
  • Under Business, click on the Gold Vault
  • On the next step, you will see this screen
  • Click on the Buy button at the bottom
  • Enter the value for which you want to buy the gold
  • Wait for a few seconds as Google Pay will fetch the current Gold rate for your location from the MMTC-PAMP
  • You will see the gold units that will be credited to your gold vault
  • Click on the buy button and it will take you through the PIN number
  • Enter your google pay PIN which you already have set
  • On the successful transaction, the gold units will show in your vault as a balance
The minimum purchase amount for gold is Rs. 1. You also need to get your KYC done once the total amount of your gold vault reaches to 50000.

You can sell the gold you possess in your gold vault. To do so, you need to click on the sell button in the google pay app. You can sell the gold for a minimum of Rs. 1 and maximum up to Rs. 2 lakhs.

After completion of successful sell transaction, the money will be automatically transferred to your primary bank account which you have linked to your Google Pay app.

What is Gold Vault by MMTC-PAMP?

The gold vault is the digital representation of your GAP account balance. Through your vault, you can view all your transactions like buying and selling.

The vault is linked with your SIM and phone number. So if you change your SIM or phone number, you will need to go through the verification process to ensure your identity.

Google Pay will block your account if you change your SIM or phone number. This is to ensure the safety of your virtual gold account. You need to go through the below verification process to access your Google Pay account.

  1. Open Google Pay. A screen appears that confirms a change in your access.
  2. Tap Continue.
  3. Fill in the Google Form survey that opens.
  4. Once you have completed the survey, Google updates your phone number to confirm your access. This update can take up to two days to complete.

How to check Google pay Gold account transaction details?

Here is the step-by-step guide to check all your transactions done in the google pay gold vault.

  1. Open Google Pay
  2. Under Business, click on the Gold Vault
  3. Find the transaction details you want to check
  4. Click on the transaction box, the details will appear
  5. You can check details like Transaction amount, transaction status, transaction ID and invoice number

How to Order Physical delivery of Gold via Google Pay App?

Yes! you have heard it right. you can order the physical delivery of gold lying in your gold vault to the address of your choice. However, there are some limitations on the location covered by Google Pay for physical delivery of gold.

Follow below process to get the gold delivered

  1. Open Google Pay App
  2. Go to your Gold Vault
  3. Click on the “Gold Vault Delivery”
  4. Enter the PIN code for your address where you want delivery
  5. Click on the “Next” button
  6. Click on the “Add to Basket”
  7. Tap on the “Checkout”
  8. Enter your delivery address and then click on the “Deliver to this address”
  9. Once you have entered all the details, click on “Pay”
  10. Choose a payment method and click “Proceed to Pay”

Track your gold delivery status

You can track your gold deliveries 1–3 days after your order is completed.

  1. Open Google Pay .
  2. Tap New.
  3. In the search bar, search: Gold Vault.
  4. Select the gold delivery that you want to track.
  5. Tap Track delivery.

Should you buy gold through Google Pay app?

Easy access and faster transaction through the mobile app makes it fascinating to anyone and incline towards to purchase gold through the mobile app.

On the other side, you also need to consider its drawbacks that may stop you for a while and give a second thought on your purchase decision via mobile app. You need to check the various charges like transaction fee, GST of 3% and gold storage charges, etc.

The gold stored in the vault is not always secure. Google is a tech company. I don’t doubt their infrastructure but after all, it’s not full-proof. anything can happen online.

The biggest hurdle of having gold in such account is you cannot hold it for more than 5 years. Gold is considered as an investment for the long term, in such a situation if you can’t hold it for more than 5 years what is the point of purchasing it in a digital form?

If the account holder dies, it is the responsibility of the legal heirs to approach Google Pay and claim the asset. There is no nominee facility for such account. This one is horrible! The process of claiming the asset is cumbersome and tiring.


I would always prefer to buy the gold in a physical form even if I have to pay a little bit higher price. Instead, you can buy gold ETFs if you don’t want to buy it in physical form.

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