Automated Teller Machines or ATMs are an integral part of the banking process, as most customers rely on using ATMs to withdraw cash from their bank accounts. While withdrawing cash from the ATMs is the norm, there are also other types of ATMs that dispense things other than cash. For the first time ever in India and the world, a gold ATM has been put into operation. As per reports, the ATM has been created and installed by Goldsikka Pvt. Ltd., a company involved in the trading of gold. India’s first gold ATM has been installed in Hyderabad, in the state of Telangana and users can withdraw gold coins from this ATM using their debit cards.
This unique new gold ATM has the capacity to store up to 5kgs of gold, and customers can withdraw the gold in 8 different amounts, with a minimum capacity to withdraw 0.5 grams of gold and a maximum capacity to withdraw a total of 100 grams of gold. As per reports, Goldsikka Pvt Ltd launched this gold ATM with technological assistance from OpenCube Technologies Pvt Ltd, a startup based out of Hyderabad which offers software and technological solutions to finance and banking firms.
The Vice President of Goldsikka Pvt Ltd said:
Continuing to talk about the ATM, he put emphasis on the fact that the ATM can track live gold prices and sell the gold at those prices.
The Vice President also added that the company had plans to 3-4 more gold ATMs at various locations around Hyderabad. The Vice President said that the company is planning to install as many as 3000 gold ATMs across the country but for now they will be focusing on installing ATMs in Telangana and the rest of South India. The company aims to give buyers the option to buy gold in a convenient way so that they don’t have to visit jewellery shops to purchase the precious metal.