Goldsikka: India’s First Gold ATM Opens In Hyderabad, Telangana

Goldsikka Pvt Ltd, a company dealing in gold has introduced the world’s first gold ATM in India at Hyderabad. Read on to know more

<div class="paragraphs"><p>Source: Alexander Grey on Unsplash&nbsp;</p></div>
Source: Alexander Grey on Unsplash 

Automated Teller Machines or ATMs are an integral part of the banking process, as most customers rely on using ATMs to withdraw cash from their bank accounts. While withdrawing cash from the ATMs is the norm, there are also other types of ATMs that dispense things other than cash. For the first time ever in India and the world, a gold ATM has been put into operation. As per reports, the ATM has been created and installed by Goldsikka Pvt. Ltd., a company involved in the trading of gold. India’s first gold ATM has been installed in Hyderabad, in the state of Telangana and users can withdraw gold coins from this ATM using their debit cards.

This unique new gold ATM has the capacity to store up to 5kgs of gold, and customers can withdraw the gold in 8 different amounts, with a minimum capacity to withdraw 0.5 grams of gold and a maximum capacity to withdraw a total of 100 grams of gold. As per reports, Goldsikka Pvt Ltd launched this gold ATM with technological assistance from OpenCube Technologies Pvt Ltd, a startup based out of Hyderabad which offers software and technological solutions to finance and banking firms.

The Vice President of Goldsikka Pvt Ltd 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. They and our in-house department which gave design and development support with respect to technology."
-Vice President, Goldsikka Pvt Ltd

Continuing to talk about the ATM, he put emphasis on the fact that the ATM can track live gold prices and sell the gold at those prices.

"Each ATM has a capacity of holding upto 5kgs 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. 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 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.
-Vice President, Goldsikka Pvt Ltd

The Vice President also added that the company had plans to 3-4 more gold ATMs at various locations around Hyderabad. The Vice President said that the company is planning to install as many as 3000 gold ATMs across the country but for now they will be focusing on installing ATMs in Telangana and the rest of South India. The company aims to give buyers the option to buy gold in a convenient way so that they don’t have to visit jewellery shops to purchase the precious metal.