What Is Goldback In Google Pay?

what is goldback in google pay

Tez was the previous name for Google Pay. Anyone may use Google Pay to send money to friends and family, pay bills, recharge their phones, and receive money directly into their bank account. Google Pay is a mobile payment platform and a digital wallet.

Google Pay is a payment processing system developed by Google to facilitate in-app, internet, and contactless transactions using mobile phones, allowing users to transfer money or make purchases using their Android smartphones, tablets, or smartwatches.

What Is Goldback In Google Pay?

Goldback in Google Pay is a trending feature of G-pay. Goldback is just like cashback in g-pay with some changes. Goldback is a standard value of gold converted into rupees so whenever you transact the money with the help of Google pay it gives the rewards in the form of google back which is stored in google vault or google locker.

Goldback Feature In Google Pay

A monetary system based on the gold standard is one in which paper money is freely convertible into a set amount of gold. In other words, gold backs the value of money in such a monetary system.

  • You get cashback directly in your wallet when you purchase something or recharge on Paytm, and occasionally Google Pay provides you rewards as Goldback but not in your wallet.
  • With the arrival of digital gold transactions, purchasing and keeping gold has become much easier. People who want to invest in gold no longer need to go to a real store; they can just log on to applications like Google Pay, which sells digital gold, and buy it.

Within your existing payment app, Google Pay allows you to buy and store gold from MMTC-PAMP India Pvt. Ltd. online. The Google App has a Gold Vault where you may keep all of the gold you buy via the app. You can sell your gold in your Gold Locker back to MMTC-PAMP digitally.

How To Buy Gold in Google Pay?

Steps To Buy Gold in Google Pay:

  • Step 1: Launch the Google Pay app.
  • Step 2: At the bottom of the screen, choose New Payment.
  • Step 3: Look for “Gold Locker” in the search field and type it in.
  • Step 4: The Gold Locker may be accessed by tapping on it.
  • Step 5: When you tap Buy, the current market gold buying price (including tax) will show. After you start the purchase, the price is fixed for only 5 minutes.
  • Step 6: Now, in your currency, enter the quantity of gold you wish to buy.
  • Step 7: The checkmark should be tapped.
  • Step 8: In the following box, choose your desired payment method.
  • Step 9: To complete the transaction, tap Proceed to Pay.

Within a few minutes after the transaction is verified, the gold should show in your gold vault in your google pay.

Although there is no overall restriction to the amount of gold you may buy and keep, there is a daily limit of 50,000 dollars. 1 gram of gold is the minimum buying quantity. Accounts with a balance of more than $49,999, on the other hand, must adhere to Know Your Customer (KYC) guidelines before making any more transactions.

You Must Have Acquired Gold In The Gold Vault In Order To Sell

The sale proceeds will be deposited into your primary bank account linked to your Google Pay account. You may also make arrangements for the gold in your Gold Locker to be passed on to a legal heir.

How To Sell Gold in Google Pay?

Steps To Sell Gold in Google Pay:

  • Step 1: Open the Google Pay app on your phone.
  • Step 2: At the bottom of the screen, choose New Payment.
  • Step 3: Look for “Gold Locker” in the search field and type it in.
  • Step 4: The Gold Locker may be accessed by tapping on it.
  • Step 5: Toggle the Sell button. The current gold market selling price is displayed.
  • Step 6: Because the price changes throughout the day, the price is fixed for 8 minutes after you start the transaction.
  • Step 6: In milligrams, enter the amount of gold you wish to sell. Under the amount of gold selected, the market value is indicated in INR.
  • Step 7: To finish the transaction, tap the tick mark.

The money should show in your bank account within a few minutes after your sale is validated.

Take Away

The legal heir of the account holder can inherit the gold from the Gold Locker in the case of the account holder’s death. The legal heir must contact Google Pay/MMTC-PAMP to notify them of their legal heir status. MMTC-PAMP shuts the gold account and physically distributes the gold to the heirs after confirming their identity.

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