Real-time Gold Automated Teller Machine (ATM) made its debut in Hyderabad. It is the result of a collaborative effort between jewelery maker GoldSikka and Hyderabad-based start-up, Opencube Technologies. Companies claim that this machine is not only in India but also the first machine of its kind. India But also in the world. The Goldsica machine works like any other ATM, except by inserting a debit or credit card and punching in the code, the machine dispenses gold coins instead of cash.
The company wrote in a Twitter post, “We proudly announce that we have successfully launched the Gold ATM and through this achievement, we look forward to making India ‘Bharat Sone ki Chidiya Phir Se’ and contributing to the mission of Bangaru Telangana.” Let’s start our free journey.” ,
The ATM can store up to 5 kg of gold in the form of gold coins of 8 different weight classes ranging from 0.5 to 100 grams. It is also the minimum and upper limit of purchases that can be made in a single transaction.
Considering the current price level of the yellow metal, one Goldcoin ATM holds gold worth around Rs 2 to 3 crore. New agency ANI quoted Goldsica Vice President Pratap as saying “The coins are 24 karat gold and 999 certified. Customers will get their investment returns at the live price without any wastage.”
The prices of gold coins at ATMs are updated live based on the London Bullion Market. Additionally, Pratap claimed that the machine already has security features like an inbuilt camera, external CCTV cameras and sound alarm system.
The firm is planning to install the next 3 to 4 Goldsica ATMs in the premises of Hyderabad airport, old city, Ameerpet and Kukatpally. Goldsika has also reportedly received orders from Karimnagar and Warangal.
They aim to install around 3,000 ATMs across India over an unspecified period, after which they plan to take the machine globally.
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