India First: Gold ATM Launched In Hyderabad | What It Is And How To Use It

Goldsikka and OpenCube Technologies came together to launch the world’s first gold ATM in Hyderabad.

India First: Gold ATM Launched In Hyderabad | What It Is And How To Use It
The company plans to set up more such ATMs at airports.

IN THE latest marvel that technological innovation has ushered, ATMs providing gold along with cash have cropped up in the market. This new move has been started by a gold company based in Hyderabad.

The dizzying pace at which the world is changing is seen in many aspects, but more so in how the daily commonplace has been digitalised. Thanks to digital payment offerings, the once ubiquitous queues outside ATMs have almost disappeared. Yet, innovation has managed to spring a surprise upon us.

The Gold ATM has been set up by Goldsikka, a Hyderabad-based startup. The company stated that any person can withdraw gold coins around the clock using their bank card. Debit, credit, prepaid and postpaid smart cards are accepted at the ATM.

The first ATM has been installed at the company's headquarters at Ashoka Raghupati Chambers, Begumpet, Hyderabad. The company says that more such ATMs will be installed at airports.

Goldsikka said that the ATM will have gold coins ranging from 0.5 to 100 grams. All gold coins will be of the 24-carat variety, that is to say, they will be without any impurities. 

The ATM can be filled with gold up to a maximum of five kg at a time, which will cost around Rs 2-3 crore. However, there is no clear information about how much gold a customer can withdraw at a time.

The company said that gold coins will be available in the ATM as per the live market rate. The cost of the selected coin, along with taxes, will be displayed on the screen before any customer initiates a transaction at the ATM.

According to the company, if money is deducted for a transaction and the gold coin does not come out, then the customer’s account will be refunded within 24 hours. Besides, if a customer faces a problem, they can also call the company’s helpline number.

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