A real-time gold Automated Teller Machine (ATM) made its debut in Hyderabad. The innovative machine is a result of a collaborative effort between jewellery maker Goldsikka and a Hyderabad-based start-up, OpenCube Technologies. The companies claim that this machine is the first of its kind not just in India but in the world, too. The Goldsikka machine works like any other ATM, except inserting in a debit or credit card and punching in the code leads to the machine dispensing gold coins instead of cash.
“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,” the company wrote in a Twitter post.
The ATM can store up to 5kg of gold in the form of gold coins of 8 different weight classes ranging from 0.5 to 100 grams. This is also the lowest and upper limit of purchases that can be made in a single transaction.
Given the current price level of the yellow metal, a single Goldsikka ATM would hold about Rs 2 to 3 crores in gold. New agency ANI quoted Goldsikka Vice President Pratap as saying that the “coins are 24-carat gold and 999 certified. The customers will get their investment returns at a live price without any wastage.”
The prices of the gold coins in the ATM are updated live based on the London bullion market. Additionally, Pratap claimed that security features such as an inbuilt camera in the machine, external CCTV cameras, and a sound alarm system are already in place.
The firm is planning to put up the next 3 to 4 Goldsikka ATMs within the premises of the Hyderabad airport, the old city, Ameerpet, and Kukatpally. Goldsikka has reportedly received orders from Karimnagar and Warangal as well.
They aim to set up around 3,000 ATMs across India over an unspecified period, after which they plan to take the machine globally.
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