Amazon Pay, the online payment service of E-commerce major Amazon has launched a new feature, called the ‘Gold Vault’ which will allow virtual buying and selling of gold. Partnering with SafeGold, this offering will allow users to buy and sell virtual gold-stock at the latest price.
“We believe in innovating on behalf of our customers to create newer experiences for them. As part of this commitment, we are constantly evaluating new areas and opportunities to connect with and serve our customers. This has led to Amazon Pay launching digital gold services in partnership with SafeGold,” said an Amazon Pay spokesperson.
This move would enable Amazon Pay to compete with Paytm, PhonePe, Mobikwik, Xiaomi owned MiPay and other digital payment firms that already offer digital gold services.
“SafeGold makes saving in gold as convenient as possible, and we have an exciting roadmap of product features ahead, including delivery and exchange for jewelry,” added the spokesperson.
With this new feature, users can buy gold of any denomination even as low as 1or 2 gm as well as redeem it any time as cash into the respective bank account. The purchases will be safe in the vault backed by a government-regulated security trustee, thereby reducing our inconvenience of renting a locker for safety.
This is the second major launch this week by Amazon in India, the former being the entry of the company into e-pharmacy with the launch of Amazon Pharmacy.
