With latest feature 'Gold Vault', Amazon dips its toes in digital gold transactions

Amazon, the e-commerce company's financial services branch, Amazon Pay launched thedigital gold investment feature called 'Gold Vault' for its customer base.

Amazon has partnered up with  SafeGold allowing users to buy gold for as small an amount as Rs 5. 

"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.

With this initiative, Amazon customers will have the liberty to buy and sell gold at any competitive pricing without having to rent a locker for safety.  

Amazon now has dipped its toes into the mix with the likes of other digital payment firms like Paytm, PhonePe, Google Pay, MobiKwik, Axis Bank-owned Freecharge who have also started doling out digital gold offerings.

Paytm and PhonePe already offer digital gold on their platforms since 2017. 

Google Pay allowed customers to invest in gold in 2018. 

Chinese electronics company Xiaomi launched the scheme in April.

During the lockdown, online payment firms used various festivities to boost digital gold transactions. According to reports, Paytm sold over over 37 Kgs of digital gold for festival of Akshaya Tritiya.