Fintech group Glint has today launched a service which allows customers to own portions of gold bars and make payments using them.
Working with Lloyds Banking Group and MasterCard, the company has created an app which can be used to make payments in several different currencies including gold.
Users select which currency to pay with or whether to pay in gold before making a transaction on a MasterCard.
Pricing is based on the interbank exchange rate. The aim of the app is to give consumers access to a reliable form of currency by allowing them to buy a share in a physical gold bar and transacting with it digitally.
Glint chief executive Jason Cozens said: "Everyone is familiar with gold as one of 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 its gold storage facility in Switzerland is accredited by the London Bullion Market Association.