Amazon has launched the latest feature with an option that allows customers to deal in digital gold. The name of the feature is “Gold Vault”.
This is the second major launch by Amazon in India this week and the third in 2020. Last week, Jeff Bezos led the company forayed into e-pharmacy with the launch of Amazon Pharmacy and initiated an online food delivery service in May.
Customers can deal in virtual gold at any time with the latest price, which is updated every 5 minutes.
Investors can start an investment with a little amount like ₹ 5 to buy the gold via this digital option, every purchase made is placed in a secure vault backed by the government regulated security trustee.
The value of gold purchased can be redeemed at any time as cash into the respective bank account.
Amazon Pay has tied up with SafeGold, the retail brand of Digital Gold India Pvt. Ltd., to launch this service for users. SafeGold offers 24 carat gold of 99.5% purity.
Offering digital gold is not a new idea in the market. At present several payments firms like GooglePay, Paytm, MobiKwik, and PhonePe are have been already providing the feature to their customers.
Some companies like Paytm provides doorstep delivery of gold in the form of gold coin to their users. While Amazon Pay is yet to enable that option.