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A real-time gold ATM has been inaugurated in Begumpet, Hyderabad, on December 3 by Hyderabad-based Goldsikka Limited, allowing customers to buy gold without visiting a jewellery store.
Yes, an ATM that dispenses GOLD COINS! How about that now, right?!
The Goldsikka company has launched its first Gold ATM in Begumpet with the assistance of a Hyderabad-based startup, Opencube Technologies. As India's first gold ATM and the world's first real-time gold ATM, individuals can purchase gold coins using their debit or credit cards.
The Vice President of Goldsikka, Pratap, told ANI, "Each ATM has a capacity of holding upto 5 kilograms of gold which is worth around ₹ 2-3 crores. The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are 8 available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams. People can come here and get the coins directly instead of going to jewellery shops."
The Gold ATM can dispense gold coins in different denominations ranging from 0.5 grams to 100 grams. The company plans to launch three machines in the Hyderabad at the airport, old city and propose launching them in Karimnagar and Warangal as well. In the next two years, the company plans to launch 3,000 machines throughout India.
The company explained that the gold ATM provides a number of benefits, including ease of use, 24-hour availability, and an ability to purchase gold within one's budget. The company's goal, it said, was to make gold more accessible to a wide range of individuals.
Apart from debit and credit cards, the company offers prepaid and postpaid smart cards for the purchase of gold.
How Does The Gold ATM Work?
Gold ATMs function in the same manner as other ATMs, according to the company. The buyer swipes a credit/debit card after making their selection from the options to buy gold. The buyer selects the price and gold worth that amount is released to the buyer.
This gold ATM dispenses gold in denominations ranging from 0.5 grams to 100 grams. There will be no option to purchase gold below 0.5 grams, or over 100 grams. The price of gold is updated on a regular basis based on current market conditions.
Gold currency is dispensed by the gold ATM exclusively in 24-carat form, which is considered to be the purest type of gold.
Among the security features, there are inbuilt cameras in the machine, an alarm system, and external CCTV cameras.
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