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Hyderabad gets India's first real-time Gold ATM
The machine has a capacity of storing 5kg of gold; there are 8 options for withdrawing the commodity, starting from 0.5 to 100 grams
A woman poses for photos after withdrawing a gold coin from India's first Gold ATM in Hyderabad on Monday. — PTI
Unlike usual ATMs that dispense money, the Goldsikka ATM dispenses gold coins. In what is India's first Gold ATM, people can insert their debit or credit cards into the Goldsikka and withdraw gold coins.
The ATM has a capacity of storing 5kg of gold. There are 8 available options for the quantity of gold starting from 0.5 grams to 100 grams.
Goldsikka Pvt Ltd launched its first Gold ATM with Technology support from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based startup company on December 3. This is India's first first real-time Gold ATM.
The vice-president of Goldsikka, Pratap said: "Goldsikka Limited is a company incorporated 4 years back. We are into bullion trading. Our CEO got an innovative concept of dispensing gold coins through an ATM machine. After doing a bit of research, we found out that it is possible. We tied up with a start-up company, OpenCube technologies."
Pratap said that the important feature of the ATM is that the gold prices are updated live.
A woman withdraws gold coins from India's first Gold ATM in Hyderabad on Monday. — PTI
"Each ATM has a capacity of holding up to 5kg of gold which is worth around Rs20-30 million. The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are 8 available options, including 0.5 grams, 1 grams, 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.
"These coins are 24-carat gold and 999 certified. The customers will get their investment returns at a live price without any wastage. The important feature of the ATM is that the gold prices are updated live. 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," he said.
He added: "We are planning the next 3-4 machines in Hyderabad at the airport, old city, Ameerpet and Kukatpally. We also received orders from Karimnagar and Warangal. We are focusing on Telangana first as there is already the concept of Bangaru Telangana. We will further move to South India and set up around 3,000 ATMs across the country over a period of time. We are also planning to go global. We will also come up with a version 2 of this machine."
On the safety features of the ATM, he said that the ATM has a built-in camera and sound alarm system.
"The ATM has a built-in camera and sound alarm system, which will trigger if there someone tries to tamper with it. We have 3 external CCTV cameras and we are also getting tied up with local police stations," he added.
On what if the gold is not dispensed once the amount is debited, he said: "It happens with any kind of transaction. Generally, one will get back the money within 24 hours if the transaction gets failed. We also have dedicated customer support for any queries."
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