Hyderabad gets India's first real-time Gold ATM: All you need to know
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India's first gold ATM
Unlike traditional ATMs that dispense cash, the Goldsikka ATM dispenses gold coins. People can insert their debit or credit cards into the Goldsikka and buy gold coins.
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Capacity of the ATM
5 kg of gold can be stored in the ATM. There are eight alternatives for the gold quantity, ranging from 0.5 grams to 100 grams.
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Real-time price updates
The coins are 999-certified 24-carat gold. Customers will receive their investment returns at a live price with no waste. The market year is determined based on the London Bullion Market. The taxes are also adjusted and shown on the screen along with the prices.
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Design and development support by OpenCube technologies
On December 3, Goldsikka Pvt Ltd launched its first Gold ATM with technology assistance from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based startup firm.
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ATM security features
The ATM features a built-in camera and sound alarm system that will activate if it is tampered with. It has three external CCTV cameras and also Goldsikka ATM will also be tied up with local police stations.