India’s First Real Time Gold ATM Launched In Hyderabad

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Hyderabad, the capital city of Telangana gets first real time Gold ATM, which is India’s first such ATM, which would dispense gold coins.  

Launched on the 5th of December, the Goldsikka ATM dispenses Gold coins.  People can insert their debit or credit cards into the Goldsikka ATM and buy gold coins hassle free.  The ATM has a capacity of storing 5kgs of gold, with 8 available options for the quantity of gold starting from 0.5 grams to 100 grams.

The unique gold ATM has been launched by Goldsikka Pvt Ltd with technology support from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based startup company.   The Vice President of Goldsikka Mr. Pratap said, “Goldsikka Limited is a company incorporated 4 years back.  We are into bullion trading.  Our CEO got an innovative concept of dispensing gold coins through an ATM machine.  After doing a bit of research, we found out that it is possible. We tied up with a start-up company, OpenCube technologies.  They and our in house department which gave design and development support with respect to technology.”

In addition, Mr. Pratap said that the important feature of the ATM is that the gold prices are updated live and gold coins would be given as per market value.

Mr. Pratap said, “Each ATM has a capacity of holding upto 5kgs of gold which is worth around Rs.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.  These coins are 24 carat gold and 999 certified.  The customers will get their investment returns at a live price without any wastage.  The important feature of the ATM is prices are updated live.  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.  

The company is planning three more Gold ATMs in the Hyderabad region, one at Old Hyderabad, Airport and Kukatpally.  Furthermore, the company is planning to move to the south Indian region and establish more ATMs.  

According to sources, the company is planning to install approximately 3,000 ATMs in future, across India.

Meanwhile, concerned about security, Goldsikka Pvt Ltd Vice President Mr. Pratap said that they have installed 3 CCTV, security alarm in the ATM including additional CCTV outside.  The company also contacted local police station and have spoken with them regarding the security of the Gold ATMs.

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