Indians’ passion for gold, both for consumption and investment, isn’t a mysterious fact. India is the second-largest consumer of gold in the world after China. The yellow metal has always been regarded as one of the most secure investment options.
Nowadays it is best to purchase digital gold. There is no requirement to be worried about losing or stealing when that happens. Gold is not just one of the investment options. Excellent income and givers. So buying digital gold is also the best way to invest in gold. Currently, you can invest in gold in various forms. Popular ways to invest in gold are Physical Gold, Gold ETFs, Gold Bonds, Gold Coins / Bars, and Gold Funds. The latest of these is Digital Gold.
Digital gold is investing in physical gold digitally or online. These can be purchased online. And can be stored online. You can buy and sell 24-carat gold instantly through an online payment app like Amazon Pay. Only digital gold can be bought and sold so quickly. At the same time, the purchase and sale of digital gold are subject to Goods and Services Tax or GST. Three percent GST is payable on purchase.
How To Buy Digital Gold With Amazon Pay?
- Open the Amazon app
- Select Amazon Pay from the drop-down menu
- Click on the ‘Gold Vault’ option
- Enter the amount under the ‘Buy Gold’ tab (here the gold according to the amount is shown in grams. Today’s gold price can also be seen on the page. The minimum amount is Rs. 5).
- Click to accept the terms and conditions
- Click ‘Continue Purchase’
- Select Payment Option (Amazon Pay option is not available. Payment can be selected by Debit Card, Credit Card, Net Banking and UPI)
- If the UPI PIN is submitted, confirmation of the amount paid and the gold will be received.
- Then click on ‘Check You Vault’ and then on ‘Sell Gold’
- Enter gram (shows GST deduction)
- Click Continue
- Select the Payment option
- Confirm Payment
- The account will be credited instantly
The company said that its “Gold Vault” feature will act as an investment tool and provide the users an opportunity to keep in their possession the precious metal which is considered a safe investment. Digital transactions received a boost when a nationwide lockdown was imposed in the country to check the spread of the coronavirus disease. Various other entities, including gold, were also given a boost by different e-commerce platforms to allow users to buy the precious metal since they were not able to visit a store.