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Know All About India’s First Gold ATM!

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We have been using the ATMs for over 3 decades now, but ever thought of a gold ATM? You heard it right, India has got its first ‘Gold ATM’ in Hyderabad, and it can potentially be a game changer in the industry.

Goldsikka, a jewellery manufacturer, collaborated with a start-up OpenCube Technologies Pvt. Ltd. to pitch “the first real-time Gold ATM globally.


India’s first Gold ATM

“We proudly announce that we have successfully launched Gold ATM and, through this achievement, we unleash the unstoppable journey to make Bharat Sone ki Chidiya phir se, and contribute to the mission of Bangaru Telangana. (sic)” read a tweet by the firm.

How does it work?

According to the firm, the ATM is open to all, and people can enjoy the service, 24*7. Debit and Credit cards are usually the mediums used to keep the cash in check, but in the Gold ATM, the firm will introduce prepaid and postpaid smart cards to withdraw gold. The firm has also assured us that the yellow metal at the ATM is 24-carat gold.

“The update in the price of gold is based on the live prices. Earlier this month the gold price hit an all-time high of nearly 54,630 per 10 gms but the demand for gold will only grow. Gold ATMs are a reflection of the demand from consumers. This Gold ATM supplies in denominations ranging from 0.5 gms to 100 gms,” read a statement.

The first Gold ATM has already been put in place in Ashoka Raghupathi Chambers, Begumpet. The firm is willing to install such ATMs throughout the city and the rural areas around it.

According to a report by news agency ANI, the Vice-President of Goldsikka has stated that the ATM has the capacity of holding up to 5 kg of gold, which would be worth around Rs. 2-3 crores. “The ATM dispenses coins ranging from 0.5 grams to 100 grams. There are eight available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams, and 100 grams,” said Pratap, the Vice President.

“Security measures like the inbuilt camera in the machine, alarm system, and external CCTV cameras are there. We also have a customer support team for the convenience of customers,” added Pratap.

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