Google Pay to enter wealth management services with ‘Gold Account’

Internet giant Google is readying a service that will allow Indians to buy gold on its mobile payments app Google Pay. The plan is to launch ‘Gold Account’ — a gold-linked savings scheme — for users to purchase gold at prevailing market prices, maintain gold balance virtually and redeem at a later stage as gold coins or cash.

The move would mark the entry of Google Pay into wealth management services. Launched as Tez in September 2017, and rebranded as Google Pay a year later, the app currently allows peer-to-peer and peer-to-merchant payments.