Xiaomi has announced that its payment app, Mi Pay, now allows users to buy and sell gold. The company has added a gold trading option for its customers in India.
With this, one can easily purchase or sell gold in real-time. For this, Xiaomi has partnered with gold investment startup SafeGold. The company reveals that the customers will get the gold delivered at their doorstep. The brand revealed this news on its Twitter handle. The tweet reads, “Now you can trade gold online on Mi Pay! In association with @SafeGold_India, we present this feature whereby you can buy-sell gold anytime, anywhere.”
In order to use this feature, Mi Pay has added a dedicated Gold button on its application. Once users click this button, it will take it to SafeGold website, where users need to log in. Once done, users can buy or sell gold in real-time. Furthermore, one can also store the fold in a vault, which is operated by SafeGold. The gold is stored with vaulting firm Brink’s India. The app also gives a way to track existing gold balances and customers can also exchange their gold for jewellery using Mi Pay partner jewellers.
With this, Mi Pay is all set to compete with the likes of Google Pay, Paytm and PhonePe. All the players also allow users to buy or sell gold through their platforms. However, the announcement is in questions. At a time when the whole country is in lockdown, how will the company deliver the gold to customers doorsteps? Furthermore, when people are looking to spend more on essential items, it doesn’t make sense to buy a luxury item like gold during this tense situation.