Amazon Pay launches digital gold investment services starting at Rs 5

The E-commerce giant Amazon has launched Amazon pay digital gold feature in which users can buy gold starting from Rs 5. Customers can sell the amount of gold at any time. They will have the flexibility to keep gold in a digital locker and buy or sell the precious metal without having to rent a locker. The company mentioned that its vault will be totally secure.

''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,” an Amazon spokesperson said.

Amazon named this feature as 'Gold Vault'. The users will be able to buy gold for as little as Rs 5 on the platform for which Amazon has partnered with SafeGold. The gold being handed over is 24 carat with 99.5% purity. However, the idea of digital gold is not new in market. Other e-wallets like Paytm, Phonepe, Google pay have been offering the same for some time.

Digital transactions saw a boost since the nationwide lockdown was imposed in the country to curb the spread of coronavirus disease. Introduction of various entities such as gold security has also shown a tremendous growth for e-commerce platforms.

Meanwhile, Gold prices have been rapidly rising since last few weeks due to global volatility and weakening of US dollar amid the pandemic.