UK FinTech launches gold-bar based payment service

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UK FinTech Glint has launched a service which enables customers to own portions of gold bars and make payments using the bars

UK FinTech Glint has launched a service which enables customers to own portions of gold bars and make payments using the bars.

Working with MasterCard and Lloyds Banking Group, the company has created an app which can be utilised to make payments in various currencies including gold.

Users choose which currency to pay with or whether to pay in gold prior to making a transaction on a MasterCard.

Pricing will be based on the interbank exchange rate. The aim of the said app is to provide consumers access to a reliable form of currency by allowing them to purchase a share in a physical gold bar and transacting with it digitally.

Glint CEO Jason Cozens said: “Everyone is familiar with gold as one of the society’s oldest means of exchange, its universal acceptance, its reliability, its history as a store of wealth and as a means of underpinning the value of ‘paper’ currencies. Unlike ‘paper’ currencies gold can’t be wiped out, devalued or corrupted.”

Glint is regulated by the Financial Conduct Authority (FCA), and the company’s gold storage facility in Switzerland is accredited by the London Bullion Market Association.

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