Google Pay, the enterprise's digital transactions company, is planning to introduce Gold-backed investment plans for its users.

The service named Google Pay Gold services will allow the users to buy, sell and invest Gold using the application.

Google also clarified that the company will not have any liability to its users in relation to their gold account plan.

According to Google, the users can set up their gold account by undergoing the two-factor authentication as may be required by Google, comply with the registration process prompted by Google on Google Pay, and comply with the KYC requirements as may be mandated by applicable laws.

With this move, Gpay is taking its competition with rivals PhonePe and Paytm up another notch.