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India's First Real-Time Gold ATM Now Available In Hyderabad

For the amount of gold, there are 8 possibilities ranging from 0.5 grammes to 100 grammes.

Indias First Real-Time Gold ATM Now Available In Hyderabad

Sentinel Digital Desk

NEW DELHI: The Goldsikka ATM does not just dispense cash; it also dispenses gold coins. People can insert their debit or credit cards into the Goldsikka, which is India's first gold ATM, and purchase gold coins.

5 kg of gold can be stored in the ATM. For the amount of gold, there are 8 possibilities ranging from 0.5 grammes to 100 grammes.

On December 3, Hyderabad-based startup M/s OpenCube Technologies Pvt Ltd provided technology support for Goldsikka Pvt Ltd's launch of its first gold ATM. This is the first real-time gold ATM in both the world and India.

According to Goldsikka Pratap's vice president, "Four years ago, Goldsikka Limited was incorporated. Trading in bullion is what we do. Our CEO came up with the creative idea to use an ATM to dispense gold coins. After some investigation, we discovered that it is feasible. We collaborated with a young business called OpenCube Technologies. They assisted with technology design and development, along with our internal team."

Each ATM has the potential to keep up to 5kg of gold, which is worth roughly Rs. 2–3 crores, according to Pratap, who also noted that the gold values are updated in real-time.

"From 0.5 grammes to 100 grammes of coins can be obtained from the ATM. There are eight choices: 0.5 grammes, 1 gramme, 2 gramme, 5 gramme, 10 gramme, 20 gramme, 50 gramme, and 100 gramme. Instead of travelling to jewellery stores, people can come here and obtain the coins immediately. These coins are 999-certified 24-carat gold. Customers will receive a live price return on their investment with no waste. The live price updates on the ATM are a key feature. The London bullion market is used as its market year. The taxes are also adjusted and shown on the screen along with the prices. We saw about 20 individuals today up until the afternoon. We'd like to see this used by more individuals," he said.

"We will then make our way to South India and eventually set up about 3,000 ATMs there. We also intend to expand internationally. We'll create a second iteration of this device as well," He added.

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