India has opened the world’s first real-time gold ATM. Here’s how it works and more
When someone requires cash, they visit an Automated Teller Machine. However, people can now withdraw gold from ATMs. Goldsikka ATM, India’s first gold ATM, and the world’s first real-time gold ATM allow people to withdraw gold coins from this gold ATM using their debit or credit cards, just like cash.
The gold ATM was recently installed in Hyderabad’s Begumpet neighborhood. On December 3, Goldsikka Pvt Ltd, a gold distributor, installed its first gold ATM in collaboration with M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based startup, for technical support. The gold ATM, according to the company’s official statement, allows customers to purchase gold without visiting a physical jewellery store. The gold ATM is open 24 hours a day, seven days a week, and allows customers to purchase gold on a budget. It has a storage capacity of 5kg and eight gold quantity options ranging from 0.5 grams to 100 grams.
The company claimed to provide gold at the lowest possible price in order to make it more accessible to a wider range of people. In addition to debit and credit cards, the company offers prepaid and postpaid smart cards that can be used to purchase gold. “Gold ATMs are a reflection of consumer demand. This gold ATM offers denominations ranging from 0.5 grams to 100 grams “, according to the company’s statement. Anyone with a debit or credit card can use the ATM to make gold transactions. “The gold currency found at Gold ATMs is all 24-carat gold, which is the purest type of gold. It also displays the current gold price to keep clients up to date on market changes. Gold coins in denominations ranging from 0.5 gms to 100 gms were available. Nobody can buy less than 0.5 gms or more than 100 gms.
According to C. Taruj, CEO of Goldsikka, this ATM allows people to purchase gold coins weighing between 0.5 and 100 grams. The coin prices are also displayed live on the ATM screen. The coins will be delivered in tamper-proof packaging. The world’s first gold ATM was installed in the lobby of the Emirates Palace Hotel in Abu Dhabi in 2010. This ATM allowed people to withdraw gold coins. In Dubai today, there are numerous such ATMs from which gold bars, gold biscuits, and gold coins can be withdrawn. This ATM machine is also covered in a thick layer of gold, and customers can choose from a variety of 24-carat gold coins and gold biscuits. Along with Dubai, gold ATMs were installed many years ago in Germany and America.