Amazon Launches New Digital Gold Purchase Platform

The company hopes to offer new and innovative options to investors in purchasing and selling gold.

SEATTLE (Scrap Monster): E-Commerce major Amazon announced launch of digital gold trade platform ‘Gold Vault’. The virtual platform to purchase and sell gold has been launched in partnership with SafeGold.

According to Amazon Pay, Amazon’s financial services arm, the platform will allow investors to purchase gold in quantities according to their wish, for as little as even INR 5. The gold purchased through ‘Gold Vault’ will go to secure vaults backed by the government regulated security trustee. The regulatory restrictions don’t allow for gold purchases through EMI options. The gold thus bought could be sold anytime at the prevailing market price. The platform provides refreshed gold prices every five minutes.

The company hopes to offer new and innovative options to investors in purchasing and selling gold. In future, it also plans to introduce additional features including options for delivery and exchange for jewellery.

The new launch could boost competition to existing players including Paytm and PhonePay, which had launched digital gold platforms in 2017. As per estimates, PhonePay has clocked digital gold sales exceeding 100 kilograms during the initial four-month period of the year. During the recent Akshaya Tritiya gold buying festival season, Paytm sold over 37 kilograms of gold through its digital platform.

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