The machine has a storage capacity of 5kg of gold and eight withdrawal options ranging from 0.5 to 100 grammes...
Digital Desk: Unlike traditional ATMs that distribute cash, the Goldsikka ATM dispenses gold coins. People can withdraw gold coins by inserting their debit or credit cards into India's first gold ATM, the Goldsikka.
The ATM can hold 5kg of gold. There are eight gold quantity possibilities ranging from 0.5 to 100 grammes.
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. This is the country's first real-time gold ATM.
Pratap, Goldsikka's vice-president, stated: "Goldsikka Limited was established four years ago. We deal in gold bullion. Our CEO came up with the novel idea of delivering gold coins through an ATM machine. We discovered that it is doable after conducting some investigation. We collaborated with OpenCube Technologies, a start-up."
According to Pratap, this ATM's most crucial feature is that the gold values are updated in real time.
"Each ATM can carry up to 5kg of gold, which is valued roughly Rs20-30 million." The ATM machine accepts coins weighing between 0.5 and 100 grammes. There are eight alternatives available: 0.5 gramme, 1 gramme, 2 gramme, 5 gramme, 10 gramme, 20 gramme, 50 gramme, and 100 gramme. Instead of travelling to jewellery stores, people can come here and obtain the coins immediately.
"These coins are made of 24-karat gold and are 999 certified. Customers will receive their investment returns at a live price with no waste. The gold prices are updated in real time, which is a key element of the ATM. Our market year is the London bullion market. The prices and taxes are both updated and presented on the screen. We had roughly 20 visitors today until the afternoon. We hope that more people would use this "He stated.
He continued: "The next 3-4 machines will be installed in Hyderabad in the airport, old city, Ameerpet, and Kukatpally. Orders were also received from Karimnagar and Warangal. We are starting with Telangana because there is already a Bangaru Telangana notion. We will then travel to South India and install around 3,000 ATMs across the country over time. We also intend to expand globally. We will also produce a version 2 of this gadget."
He stated that the ATM includes a built-in camera and a sound alert system for safety.
"The ATM features a built-in video and sound alarm system that will activate if it is tampered with. We have three external CCTV cameras and are collaborating with local police stations "He said.
He replied, "What if the gold is not dispensed once the amount is debited?" "It can happen with any type of transaction. If a transaction fails, the money is usually returned within 24 hours. We also have specialised customer service for any questions you may have."
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