With India getting better and better with technologies and finances, an Indian company along with a local startup has installed world’s first gold ATM in Hyderabad. Unlike usual ATMs that dispense money, the gold ATM will dispense gold coins without having to visit a jewellery shop.
Image Source: Pixabay
The gold ATM installed by a bullion trading company of India, namely Goldsikka Pvt Ltd in alliance with a startup OpenCube Technologies Pvt Ltd has a capacity of storing 5kgs of gold with 8 available options for the quantity of gold starting from 0.5 grams to 100 grams. The highlight of the ATM is that the gold prices are updated on real time basis and a customer can purchase the gold coins anytime.
The machine accepts debit or credit cards and dispense 24-carat and 999 certified gold coins enabling the customer to get their investment returns at a live price without any wastage. The real time updates are done by referring London bullion market with the prices displayed along with the taxes.
According to the Vice President of Goldsikka, “the company is planning to launch next 3-4 machines in Hyderabad at the airport, old city, Ameerpet and Kukatpally. With initial focus to Telangana, we are planning to set up around 3,000 ATMs across the country and will come up with a version 2 of this machine”.
On the safety front, the ATM features a built-in camera and a sound alarm system which will trigger if someone tries to tamper with it. Three external cameras have been setup and a tie up with local police stations is also going on. As per the company claims, if the transaction is failed, without the dispense of gold, the money will be transferred back within 24 hours.
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