Soon, people will likely be able to gift gold to their friends and family or practically anyone through Google Pay app.
According to Live Mint, Google, earlier this year, had partnered with metal and mining service provider MMTC-PAMP to bring this functionality in order to enable customers in buying and selling gold in its payment app. The new feature will also enable gold gifting options in the app. The report further states that the development was spotted by XDA developers, inside Google Pay v48.0.001_RC03. The feature is yet to go live yet and no official announcement by Google yet.
In April, Google Pay added the Google Pay Gold Vault feature through which people could buy and sell gold via the app. The feature lets users purchase 99.99% pure 24 K gold units from MMTC-PAMP. According to Live Mint, the gold is stored in a Gold Accumulation Plan (GAP) that MMTC-PAMP maintains by storing each user's gold in the physical form as a custodian as long the user owns the gold.
Every gram of gold accumulated in the GAP account is backed by actual physical gold. This means that at any given time in the future, users can convert their digital gold into physical gold. Alternatively, gold that has been purchased can also be sold from within Google Pay app at any time at the prices prevailing at the time of selling.