Dhanteras marks a significant occasion for gold purchases in India, a tradition that has adapted to modern technology. As this festive day approaches, many look to buy gold, traditionally seen as auspicious, especially on the first day of Diwali. The rise in gold prices and associated costs such as making charges make buying physical gold a challenge for many. Digital gold offers a convenient alternative, allowing buyers to purchase gold at the current market price without additional expenses.
Digital gold simplifies the buying process. Consumers can purchase gold online without concerns about purity or storage. They can also buy or sell their holdings at prevailing market rates.
Accessibility of Digital Gold in India
Purchasing digital gold is accessible, with options to invest as little as Rs. 1 or as much as Rs. 2,00,000 in a single transaction. Though this investment is recorded electronically, its value fluctuates like physical gold, providing a practical way to engage with the market. Furthermore, vendors manage storage, reducing the risk of theft.
Easy Liquidation
Liquidating digital gold proves straightforward, resembling the process of transferring money through UPI. Some platforms offer the option to convert digital gold into physical coins, contingent on meeting minimum purchase requirements, such as owning at least one gram of gold. In contrast, selling physical gold can incur various losses, including making charges.
When purchasing digital gold, consumers receive 24 karat (100 percent pure) gold, compared to the standard 22 karat (91.6 percent pure) found in physical jewellery.
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Where to Buy Digital Gold in India
Prominent digital payment platforms such as Google Pay, Paytm, and PhonePe allow users to buy digital gold directly without needing to download a separate app or create a new account. Companies like MMTC-PAMP India Private Limited are well-known vendors in this market.
How to Purchase Digital Gold Online
Paytm
Access the Paytm app, navigate to Paytm Gold, and purchase digital gold up to Rs. 2,00,000 in a single transaction. Paytm frequently offers promotions on digital gold purchases and allows users to set up systematic investment plans.
Google Pay
Open Google Pay, search for Gold Locker, and view the current gold price. Click the buy option, enter your desired amount, and complete the transaction. Users can also request delivery of physical gold coins, though this service is limited to specific areas.
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PhonePe
PhonePe enables users to buy digital gold starting at Rs. 1. The app ensures secure storage through its partners and provides instant liquidity for selling gold when necessary.
Amazon Pay
Amazon Pay has recently included digital gold in its offerings. Users can purchase gold through their accounts and enjoy cashback offers during promotional periods.
