World's First Ever Real-Time Gold ATM Launched in Hyderabad, To Dispense 24-Carat Coins Based On Live Prices

In the recent past, people heavily relied on ATMs to quickly withdraw money without the hassle of going to the counter or filling in slips. But with the advent of UPI apps, their visits to the teller machines gradually decreased.

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Now, in an exciting turn, jewellery manufacturer Goldsikka has introduced India's first and the world's first real-time 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.https://t.co/a2Q25copfW#goldatm #goldatmindia #goldatmhyd pic.twitter.com/Y4QOpuhoSD

¡ª Goldsikka Limited (@goldsikkaltd) December 5, 2022

"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 firm said in a Twitter post.

Goldsikka launched it with technology support from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based startup company, on December 3.

"...After doing a bit of research, we found out that it is possible. We tied up with a startup company, OpenCube technologies. They and our in-house department which gave design and development support with respect to technology," VP of Goldsikka, Pratap, told ANI.

Storage capacity is 5kgs of gold

The concept behind the novel machine is simple, it dispenses Gold coins instead of legal tender, and people can insert their debit or credit cards into the Goldsikka ATM and buy gold coins.

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The storage capacity of the ATM is 5kgs of gold, worth around Rs 2-3 crores. It provides denominations - ranging from 0.5 gms to 100 gms. There are eight available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams.

Goldsikka has claimed that the facility would reduce people's visits to jewellery showrooms to buy minute quantities of gold.

At the ATM, coins available are 24-carat gold and 999 certified. This will help customers get their investment returns at a live price without wastage.

Gold prices are updated live

One of the promising features of the ATM is that gold prices are updated live on it and the market year is taken as the London bullion market. The prices are updated and displayed on the screen along with the taxes.

Safety features

The ATM also boasts of a robust security system - that is comprised of a built-in camera and sound alarm system.

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"We have already taken care of the required security measures as other ATMs. 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," Pratap added.

The company also clarified that if the gold is not dispensed once the amount is debited, people will get back the money within 24 hours.

3,000 such ATMs in pipeline

The firm's first ATM has been installed at its head office in Begumpet, and it saw a footfall of around 20 people till Tuesday afternoon. The company plans to install the following 3-4 machines in Hyderabad at the airport, old city, Ameerpet and Kukatpally. The company also plans to set up around 3,000 ATMs across the country over a period of time. The company, which also has global ambitions, will work on 'version 2' of the current machine.

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