Amazon Pay's 'Gold Vault' enables users to purchase gold for as little as Rs 5

Amazon Pay, the payment services feature from of e-commerce giant Amazon India, has launched an extraordinary service for customers. The new feature named ‘Gold Vault’ offers customers to purchase digital gold. According to the information given on Amazon’s website, customers can buy gold worth of even 5 rupees with this feature. Given this added feature, an Amazon spokesperson stated, ‘We believe in innovating on behalf of our users to create new experiences for them. We are continually evaluating new areas and opportunities to engage with our customers and provide more facilities for them.’

Amazon Pay has partnered with SafeGold for Gold Vault. SafeGold offers 24 carat gold of 995 (99.5 per cent) purity. With this offer, Amazon customers will have the freedom to purchase and sell gold at any time without any hassle of renting a locker with competitive pricing and security. The unique thing about Amazon Gold Vault is that users can purchase up to 2 grams of gold even without KYC. Not only this, but customers can also rent a locker for security at a lower price.

However, this feature isn’t new as several other e-commerce companies and payment portals are providing the same services to its users. This includes platforms such as Paytm, Phone-Pay, Google-Pay, Mobiquick, Axis Bank’s Freecharge etc. Most of the platforms like Paytm, Google-Pay, Phone-Pay also provide their customers with the facility to purchase gold worth of as low as 1 rupee gold. Some platforms like Paytm provide doorstep delivery of gold in the form of coins, bars etc. Even Chinese electronics company Xiaomi has offered digital gold offer on its payment services segment MiPay.