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Thursday, December 2, 2021

What is digital gold and how to invest in it via Google Pay, PhonePe

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Gold has always been a smart and profitable investment choice for Indians and many others across worldwide. Over several decades, people globally, Indians being among the key ones, have been investing in gold mainly for the profitable return that it brings along. Also Read – Dhanteras 2021: Buy digital gold with these 4 apps

We have mostly seen Indian’s head to their reliable or nearby gold store to purchase the yellow metal in the form of an ornament or coin. The pandemic, however, has changed the way we purchase gold. In fact, it has changed the way we do anything. Also Read – How to send Happy Dhanteras GIFs and stickers on WhatsApp

The COVID-19 pandemic and the continuous lockdowns pushed everyone home and made dependent on the internet more than ever before. Whether it is for ordering food or veggies, connecting with loved ones or anything else, dependency on online platforms touched an all time high since last year. Similarly, buying and selling of gold has also mostly moved online too. Also Read – PhonePe announces that all of its UPI transfers online or offline will be free for all users

What is digital gold?

In simple words, digital gold is a digital version of physical gold that you get at your nearest sonar shop. Unlike physical gold, you can buy a piece of digital gold for as low as Re 1. As for physical gold, you get the option to buy the yellow metal in multiples of 1gm, which may not be possible for all to invest in. In comparison, digital gold is more accessible and anyone and everyone can buy it depending on their budget.

Digital gold is also said to be much safer when compared to physical gold. Once purchased, the latter will need to be kept safely in a bank locker or at home but there are always chances of theft. As for digital gold, that’s not the case. Once you purchase digital gold, the seller keeps it safe until you wish to sell it. Some platforms allow you to redeem digital gold in the form of physical gold, some don’t.

With digital gold being one of the major source of investment these days, besides cryptocurrency, popular online e-commerce platforms are now providing options to buy digital gold in just a click. Some of the apps include Google Pay and even PhonePe. There are many others available as well.

Image: Flickr

How to buy gold via PhonePe

Step 1: Setup your PhonePe account

Step 2: Scroll down to the investment category

Step 3: Click on Buy 24K Gold there

Step 4: Select the Gold coin that you wish to purchase from the list display. Or you can simply add the amount that you wish to spend to buy the gold. Interestingly, you can buy gold for Re 1 as well. It all depends on your budget.

Step 5: The payment can be made via bank account directly just as you send money to someone via PhonePe.

How to buy gold via Google Pay

Step 1: Setup up your Google Pay account first and add your bank account

Step 2: Scroll down to Gold Locker

Step 3: Click on Buy Gold option and enter the amount that you wish to purchase. Notably, you can also sell the gold at any point in time.

It is advised to read the terms and policies of the online platform before making any investment.

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