We are all well aware that ATM machines are used to withdraw cash. People can, however, insert their debit or credit cards into India’s first gold ATM and purchase gold coins, according to reports. This is India’s first real-time gold ATM.
The Goldsikka ATM has a capacity of five kilograms of gold and eight options for the quantity of gold ranging from 0.5 grams to 100 grams. OpenCube Technologies Pvt Ltd, a Hyderabad-based startup, provided technology support for Goldsikka Pvt Ltd’s launch of its first gold ATM on December 3.
Pratap, Goldsikka’s Vice President, told reporters, “Each ATM has a capacity of holding upto 5 kilogrammes of gold which is worth around ₹ 2-3 crores. The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are 8 available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams. People can come here and get the coins directly instead of going to jewellery shops.”
He also stated that these coins are 24-carat gold and 999 certified. Customers will receive their investment returns at a live price with no waste.
He went on to say that the gold prices in this ATM are updated in real time. The Vice President continued, “We take the London bullion market as our market year. The prices there are updated and displayed on the screen and so are the taxes. Today, we had a footfall of around 20 people till the afternoon. We are hoping that more people would use this.”
The ATM has a built-in camera and a sound alarm system for added security. “We have already taken care of the required security measures as other ATMs. The ATM has a built-in camera and sound alarm system, which will trigger if there someone tries to tamper with it. We have three external CCTV cameras and we are also getting tied up with local police stations.” Mr Pratap continued.
It was also stated that in the event of a transaction failure, if the amount is debited but no gold is dispensed, the customer will be reimbursed within 24 hours. “We also have dedicated customer support for any queries,” he added.