India opens first gold ATM

If someone needs cash, they go to an Automated Teller Machine (ATM). But now, people can even take out gold from ATMs. Goldsikka ATM– India’s first Gold ATM and World’s first real-time gold ATM allow people to withdraw gold coins just like cash from this gold ATM using their debit or credit cards. The gold ATM was recently launched in Begumpet, Hyderabad.

Goldsikka Pvt Ltd a gold distributor company, installed its first gold ATM on December 3 in collaboration with M/s OpenCube Technologies Pvt Ltd- a Hyderabad-based startup for technology support. According to the company’s official statement, the gold ATM enables customers to buy gold without going to a physical jewellery store.

How does a gold ATM works

The gold ATM is available 24×7 and allows customers to buy gold within budget. It has a capacity of storing 5kgs and offers eight options for the quantity of gold starting from 0.5 grams to 100 grams.

The company claimed to provide gold at the lowest possible price to make it accessible to more people. In addition, the company is also offering prepaid and postpaid smart cards which can be used to purchase gold, apart from debit and credit cards.

“Gold ATMs are a reflection of the demand from consumers. This Gold ATM supplies in denominations ranging from 0.5 gms to 100 gms,” the company said in its statement.

Anyone with a debit card or credit card can make transactions for gold using the ATM.

All of the gold currency found at Gold ATMs is 24-carat gold, which is regarded as the purest type of gold. Additionally, it displays the current gold price to keep clients informed of changes in the market. Gold coins were available in denominations ranging from 0.5 gms to 100 gms. No one may purchase less than 0.5 gms or more than 100 gms,” the statement further reads. (India Today)