Real-time Gold ATM: Hyderabad gets India’s first Gold ATM

Goldsikka Pvt Ltd launched its first Gold ATM with technology support from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based startup industry on December 3, 2022. The ATM is India’s first and the world’s first real-time Gold ATM. 

Unlike other ATMs that give money, the Goldsikka ATM dispenses Gold coins. People can insert their debit or credit cards into the Goldsikka and purchase gold coins. The ATM can store 5kgs of gold and it provides 8 options for the quantity of gold starting from 0.5 grams to 100 grams.

Hyderabad | Real-time gold ATM, which dispenses gold coins, installed in the city

It's a venture by (company) Goldsikka where customers can buy gold from an ATM machine. 24-carat gold coins between 0.5-100 gms are dispensed through the machine: Pratap, Vice-President, Goldsikka pic.twitter.com/ny1oYchCfh

— ANI (@ANI) December 5, 2022

Real-time Gold ATM: Key details

1. Goldsikka Limited has been incorporated 4 years back. And after tying up with Open cube technologies, they together brought the design and developed the technology.
2. Each ATM holds a capacity of up to 5kgs of gold i.e. of around Rs 2-3 crores.
3. The machine dispenses coins ranging from 0.5 grams to 100 grams.
4. A total of 8 options will be available including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50, and 100 grams.
5. People can get the coins directly from the machine instead of going to jewelry shops. The coins are 24-carat gold and 999 certified.
6. For safety purposes, the ATM has a built-in camera and sound alarm system.

 Real-time Gold ATM: Features

1. One of the most important features of the ATM is that the price of gold is updated live.
2. If the gold is not dispensed after debiting the amount, one will get back the money within 24 hrs after the transaction gets failed.
3. The company has also dedicated customer support for various queries.
4. The Goldsikka Gold ATM is feasible and convenient enough for the common people as they do not need to visit jewellery showrooms for minute quantities of gold. 

What are the plans for real-time Gold ATM?

The company is also planning to install these ATMs at airports. The next 3-4 machines in Hyderabad, old city, Ameerpet, and Kukapally. The Vice President of Goldsikka, Pratap also said that they have received orders from Karimnagar and Warangal. They’re focusing on Telangana as the concept of Bangaru Telangana is already there. Pratab also said that they’ll further move to South India and set up approximately 3,000 ATMs in the country and are also planning to go globally. Version 2 of this machine is also added to the plan list.