5 Best Digital Gold Wallets to Buy Gold Online
The era of digitization is taking the world by storm. From buying groceries and making payments to buying precious metals and doing banking, everything is now available at your fingertips. Speaking of digital payments, initially, there were only a few popular digital wallets like PayTM and PhonePe. But as more people are tap-tap-tapping on their phones and switching over to digital payments from cash-based transactions, various new leaders of digital gold wallets have emerged in the market.
Surprisingly, some of the best digital wallets have some of the biggest online shopping companies backing them. However, these companies are no longer just working to fulfill the basic needs of their consumers. They are expanding their roots to a wider audience, selling luxury items like gold as well. So, here we are talking about the 5 best digital gold wallets that you can use to buy gold online.
Amazon Pay Wallet: Best Digital Gold Wallets
As the name suggests, the Amazon Pay wallet has the online shopping giant, Amazon managing it. Founded in 2007, Amazon Pay was launched by the company to allow its users to shop using their Amazon Pay balance. This enabled the users to shop without having to pull their debit cards out, enter OTPs, or log in to their internet banking accounts. However, later on, the company expanded the use cases of the Amazon Pay wallet. Now, you can use Amazon Pay to pay your bills for phone, credit cards, electricity, book flights, buses, trains, and so on. Interestingly, Amazon Pay has stretched its use cases further. It is now allowing users to buy digital gold, which is a revolutionary way of investing in gold.
Advantages of Amazon Pay
- Extremely easy to use
- Gives users access to Amazon Fraud Protection Policy
- Better trust because of the authority of Amazon
- Integration with major e-commerce companies
- No early termination fee
- Very quick and convenient to use
Disadvantages of Amazon Pay
- Functionality issues may exist
- Amazon shopping is needed
- Risks of shut-down if the user defies the rules
- Doesn’t allow the transfer of money from the wallet to the bank account
PayTM Wallet: Best Digital Gold Wallets
Founded in 2010, PayTM is probably the most widely used digital payment method. Apart from enabling users to make payments and send money to their friends and relatives, PayTM offers a wide range of services like insurance plans, investment options, travel bookings, etc. The company has moved into the investment market and is selling digital gold as one of its products. But the transaction fees may be high for some users on PayTM gold.
Advantages of PayTM Wallet
- Extremely wide acceptability
- Easy to use
- Transfer money to bank account, mobile number, self account
- Financial services like credit score, mutual funds
- Health services like vaccine registrations, life insurance
- Connect to various other apps like Uber, Zomato, Ajio, etc.
Disadvantages of PayTM Wallet
- High transaction fee
- Prone to frauds
- KYC needed
Google Pay: Best Digital Gold Wallets
Google Pay is one of the most trusted digital payment methods. It is because the security measures of this application are governed by the famed search engine Google. Now the users can set up their bank accounts and buy digital gold from the Google Pay mobile application. The digital wallet company has partnered with MMTCP, a digital gold-selling platform. All you need to do to buy digital gold from Google Pay is to set up your account details, enable location access on the application and go ahead with your purchases.
Advantages of Google Pay
- High security
- Easy setup and usage
- Attractive offers and cashbacks
- Very good referral program
Disadvantages of Google Pay
- Limited acceptability
- Data privacy concerns
- Not compatible with all devices
PhonePe: Best Digital Gold Wallets
PhonePe is another digital payment wallet that was launched in the year 2015. It is a payments app that allows you to transfer money, and pay all your utility bills like water bills, electricity bills, credit card bills, etc. Now, the company has also moved into digital gold. The PhonePe users can now buy digital gold as investments from the app and easily invest their money in gold. However, PhonePe may raise some security concerns for the users while investing in gold. It is because the app doesn’t require any pin code or passwords to open and access the application.
Advantages of PhonePe
- Quick and easy to use
- Easy bill payments and merchant payments
- One-stop solution for many services like credit card bill payments, fund transfer
- UPI payments are supported
Disadvantages of PhonePe
- Security concerts (no pin required to access the application)
- No interest on wallet balance
- Delay in Payments
- Getting refunds may be tricky
Airtel Money: Best Digital Gold Wallets
Airtel money emerged as one of the top digital wallets with the support of the Government of India. The government introduced a Digital India campaign to send a wave of digitization through the country. To use the wallet, the users have to complete their minimum KYC details to complete their transactions. However, if you are going to buy digital gold from Airtel money, your purchases are facilitated by SafeGold. It is an online gold platform that sells 24 karats of 99.5% pure gold to users. Airtel money has successfully partnered with SafeGold to allow users to buy digital gold from the Airtel money app.
Advantages of Airtel Money
- Hassle-free payments
- Many offers and coupons are available
- No need for a bank account
- No internet connection needed
Disadvantages of Airtel Money
- Limited use cases
- May not be beginner-friendly
If you are looking for a reliable platform to buy digital gold, you can use one of these platforms to fulfill your purchases. However, OroPocket is the best platform to buy digital gold without incurring any storage fee. The transaction fee for OroPocket is the lowest among all these platforms. Moreover, you can easily get your digital gold converted into physical form and get it delivered to your home address. All you need to do is download the OroPocket mobile application and start investing.