India's first real-time gold ATM has been launched in Hyderabad. This GoldSikka ATM dispenses gold coins. People can buy gold coins by inserting their debit or credit cards into them. The ATM can hold 5 kg of gold. Gold coins ranging from 0.5 to 100 grams will come out of this.
Gold coin's Vice President Pratap said that Goldcoin Limited Company was established 4 years ago. Our CEO got an innovative concept of withdrawing gold coins through an ATM. After doing a little searching, we found out that it is possible. We tied up with Open Cube Technologies, a start-up company based in Hyderabad. The in-house department of both companies prepared the design for it.
8 types of coins will be able to come out from ATM
Pratap said that the special thing about the ATM is that it updates the gold prices live. Each ATM can hold 5 kg of gold, which is worth around Rs 2-3 crore. The ATM dispenses coins ranging from 0.5 grams to 100 grams. This includes 0.5-gram, 1-gram, 2-gram, 5-gram, 10-gram, 20-gram, 50-gram, and 100 gram coins. These coins are 24-karat gold and 999 certified.
The Vice President told us- On December 3, till the afternoon, about 20 people had come to us. We hope more people will use it. We are planning to install the next 3-4 machines at Hyderabad airport, old city, Ameerpet and Kukatpally. We have also received orders from Karimnagar and Warangal. We are focusing on Telangana first. He said that we will move forward in South India and over time will set up around 3,000 ATMs across the country. We are also planning to go global.
ATM safety features
Talking about the safety features of the ATM, he said that the ATM has a built-in camera and sound alarm system, which will be triggered if someone tries to tamper with it. We have already taken care of necessary security measures like other ATMs. We have 3 outdoor CCTV cameras and we are also tied up with local police stations.
Money back within 24 hours if the transaction does not happen
When asked if the gold does not come out once the amount is debited, he said – it happens with any kind of transaction. Normally the money will be refunded within 24 hours in case of transaction failure. We also have customer care service for any queries.
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