India's First Gold ATM Inaugurated In Hyderabad

Gold ATM: The coins are 24-carat gold and 999 certified. Interestingly, the prices of gold are updated live in this ATM.

India's First Gold ATM Inaugurated In Hyderabad

Gold ATM: The ATM includes a built-in camera and sound alarm system.

All of us are well aware of the fact that ATM machines are used to withdraw cash. However, In what is India's first gold ATM, people can insert their debit or credit cards into the machine and buy gold coins, as reported by news agency ANI. This is the first real-time gold ATM in India.

The machine is known as Goldsikka ATM and has a capacity of storing five kilograms of gold and eight options for the quantity of gold starting from 0.5 grams to 100 grams. On December 3, Hyderabad-based startup OpenCube Technologies Pvt Ltd provided technology support for Goldsikka Pvt Ltd's launch of its first gold ATM.

 The Vice President of Goldsikka, Pratap, told ANI, "Each ATM has a capacity of holding upto 5 kilograms of gold which is worth around Rs 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."

Furthermore, he said that these coins are 24-carat gold and 999 certified. The customers will get their investment returns at a live price without any wastage.

He added that the prices of gold are updated live in this ATM. The Vice President continued, "We take the London bullion market as our market year. The prices there are updated and displayed on the screen and so are the taxes. Today, we had a footfall of around 20 people till the afternoon. We are hoping that more people would use this."

On the safety front, the ATM includes a built-in camera and sound alarm system. Mr Pratap continued, "We have already taken care of the required security measures as other ATMs. The ATM has a built-in camera and sound alarm system, which will trigger if there someone tries to tamper with it. We have three external CCTV cameras and we are also getting tied up with local police stations."

Also Read: ATM In Maharashtra Dispenses 5 Times Extra Cash, Locals Rush In After News

It was also informed that in case of a transaction failure, if the amount is debited and gold is not dispensed, then the customer will get back the money within 24 hours. "We also have dedicated customer support for any queries," he added.

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