Mi Pay app is competing against Google Pay, PayTM and PhonePe
Xiaomi’s Mi Pay app has received a new update with a gold trading option in India. Just like Google Pay and PayTM, Mi Pay will now allow users to buy and sell gold in real-time. Xiaomi has partnered up with a gold investment startup SafeGold to offer this feature to the masses.
Gold purchased on the Mi Pay app can be saved in a vault and the user can maintain it digitally. The user will also have the right to sell the gold at any given point and the money will be instantly transferred to their bank account. Alternatively, the consumer can also opt to get the gold delivered at their doorsteps.
In order to start purchasing and selling gold, the users just need to download, install and setup the Mi Pay app to find the new dedicated Gold option. It is worth noting that the 24-karat gold purchased will be securely stored with vaulting firm Brink's India.
While most people would look at it on an investment perspective, Xiaomi even provides an option that will allow users to exchange their gold for jewellery using Mi Pay's partner jewellers.
Xiaomi has taken a bold move by entering the Gold trading business, but the timing isn’t right. Apps like Google Pay, Paytm and PhonePe have already captured the market space quite successfully. Also, given that we are going through the coronavirus pandemic, people would not prefer investing in Gold as of now. On the other hand, Gold prices are rising and stocks are more volatile than ever. This might as well be just the right timing as people would rather invest their money in gold in the current scenario.
