British fintech firm Glint has introduced a new mobile application that allows customers to pay for goods and services in gold.

The iOS app, dubbed Glint, will allow users to make payments in several different currencies including gold.

The fintech firm has partnered with MasterCard and Lloyds Bank to allow its users to load credit onto their account and purchase physical gold bullion that is stored in a Swiss vault.

The pricing is based upon interbank exchange rates and company assured that there are no hidden charges for users.

Glint said it hopes to give its users the chance to protect their wealth during uncertain economic times.

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.”

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By GlobalData