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Thursday, February 09 2023
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Goldsikka: World’s first real-time gold ATM

Photo Credit : Twitter

ATM is a wonderful invention of technology that is used by all of us. In the past, when the card was put in the machine, it was natural to wonder where the money would come from. When we came to know about the technology behind it, we felt like it is a great invention. Now, going a step further in this technology, a company has introduced the Gold ATM.

India recently got the world’s first gold ATM. Gold Sikka, a company that specialises in buying and selling gold, introduced the first gold ATM in Hyderabad. Goldsikka Pvt. Ltd., a gold distributor company, installed its first gold ATM in collaboration with M/s Open Cube Technologies Pvt. Ltd.- a Hyderabad-based start-up for technology support company. This first real-time gold ATM is installed at Gold Sikka’s head office in Hyderabad’s Begumpet. It is also the world’s first 24/7 ATM allowing customers to purchase gold in various quantities.

Unlike usual ATMs that dispense money, the Gold Sikka ATM dispenses gold coins. People can insert their debit or credit cards into the ATM. The important feature of this ATM is that the gold prices are updated live. The company said that it offers prepaid and post-paid smart cards that can be used to purchase gold, apart from debit and credit cards. It has a capacity of storing 5kg and offers eight options for the quantity of gold starting from 0.5 gm to 100 gm.

“All of the gold currency found at Gold ATMs is 24-carat gold, which is regarded as the purest type of gold. Additionally, it displays the current gold price to keep clients informed of changes in the market. Gold coins were available in denominations ranging from 0.5 gms to 100 gms. No one may purchase less than 0.5 gms or more than 100 gms,” said the company in a statement.

How a Gold ATM works:

*The gold ATM works like any other ATM. One needs to swipe the credit or debit card after they have selected from the options to buy the gold.

*The buyer selects the price and gold worth the amount is released to the buyer.

*The gold ATM dispenses gold in denominations ranging from 0.5 gm to 100 gm. One won’t be able to purchase gold less than 0.5 gm or more than 100 gm. The price of gold is updated based on live prices.

*All of the gold currency dispensed by the gold ATM is 24-carat, regarded as the purest type of gold.

The company anticipates the gold ATM to become the next destination for gold buyers. It aims to install gold ATMs across Hyderabad, and in rural areas.

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Thilak T. Shetty

The author is a BA Sociology  graduate. He is into poetry and literature. His varied interests include Literature, Music, Culture, Politics, Philosophy And Nationalism studies.

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