India's first-ever gold dispensing ATM opens in Hyderabad
You can now collect gold from an ATM as easily as you withdraw money from a cash machine. Hyderabad-based Goldsikka Ltd. has set up India's first gold ATM in the city. It will dispense gold in denominations ranging from 0.5g to 100g, and users can use their credit or debit cards to make a purchase.
Why does this story matter?
There are gold ATMs in certain countries across Europe, the Gulf, and the US, but Goldsikka claims that theirs is the first to operate based on the real-time market price of the yellow metal. Notably, the world's first gold bar-dispensing ATM was set up at the Emirates Palace hotel in Abu Dhabi in 2010, before which it was tested at the Frankfurt train station.
The gold ATM is open 24x7
The obvious benefit of a gold ATM is that it eliminates the need to visit an actual jewelry store. Goldsikka claims that its gold ATM is easy to use, available 24x7, and that one can buy gold within their budget. As per the company, the goal is to "provide gold at the lowest possible price" and make it accessible to a wider audience.
Gold ATMs to be launched in Secunderabad, Karimnagar, Warangal
The technical support for Goldsikka's gold ATM is provided by OpenCube Technologies Pvt. Ltd., a Hyderabad-based start-up. As part of its upcoming expansion, the company will set up gold ATMs in Gulzar House in Secunderabad, Abids in Hyderabad, Peddapalli in Karimnagar district, and Warangal. The firm plans to launch 3,000 gold-dispensing machines across India over the next two years.
Here's how you can buy gold from a gold ATM
Goldsikka is also providing additional prepaid and postpaid smart cards that can be used to buy gold, apart from using credit and debit cards. To buy gold, customers need to insert their debit/credit card in the gold ATM, enter their PIN, and enter the value of gold coins. The gold currency is 24-karat and will be dispensed in tamper-proof packs certified with 999 purity.
