India gets world’s first gold ATM in Hyderabad; here’s how it works

While using ATMs for cash is part and parcel of one’s daily lives, people are less acquainted with the concept of gold ATMs. India recently got the world’s first gold ATM. Goldsikka, a company that specialises in buying and selling of gold, introduced the first gold ATM in Hyderabad. The gold ATM enables customers to buy gold without going to a physical jewellery store.

The company said that the gold ATM has various benefits including the ease of using, 24x7 availability and the ability to buy gold within one’s budget. One can use their debit or credit card to make the transactions.

Hyderabad-based startup OpenCube Technologies is behind the software solution of the gold ATM. The first real-time gold ATM is installed at Goldsikka’s head office in Hyderabad’s Begumpet.

Goldsikka said that since gold rates are constantly fluctuating, it is difficult to get a hang of it. Its aim, it said, was to provide gold at the lowest possible price and more accessible to a varied audience.

The company said that it offers prepaid and postpaid smart cards that can be used to purchase the gold, apart from debit and credit cards.

HOW GOLD ATM WORKS

The gold ATM works like any other ATM, said the company. One needs to swipe the credit or debit card after they have selected from the options to buy the gold.

The buyer selects the price and gold worth the amount is released to the buyer.

The gold ATM dispenses gold in denominations ranging from 0.5 gm to 100 gm. One won't be able to purchase gold less than 0.5 gm or more than 100 gm. The price of gold is updated based on live prices.

All of the gold currency dispensed by the gold ATM is 24-carat, regarded as the purest type of gold.

The company anticipates the gold ATM to become the next destination for gold buyers. It aims to install gold ATMs across Hyderabad, and in rural areas.

Also read: India's first gold ATM in Hyderabad