The buying and selling of gold has traditionally been done face-to-face. But now smartphones, e-wallets and some investment programs are bringing new buyers into the business. Digital payment systems have grown in popularity in India since the government stopped producing large-value banknotes in 2016. Now, there are computer software applications that let smartphone users buy, sell or keep gold, even in small amounts. The Reuters news agency reports that a private company keeps gold purchased or sold electronically in secured storage vaults. Online gold purchases have been growing worldwide for years. But they are a new idea in India, where jewelry and pieces of gold are often kept by individuals or given as gifts.
