India gets world's first Gold ATM

Goldsikka Pvt Ltd launched its first Gold ATM with Technology support from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based startup company on December 3. This is India's first and the world's first real-time Gold ATM.

Report informs via The Economic Times that unlike usual ATMs that dispense money, the Goldsikka ATM dispenses Gold coins. In what is India's first gold ATM, people can insert their debit or credit cards into the Goldsikka and buy gold coins.

The ATM has a capacity of storing 5kgs of gold. There are 8 available options for the quantity of gold starting from 0.5 grams to 100 grams.

The Vice President of Goldsikka 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. Today, we had a footfall of around 20 people till the afternoon. We are hoping that more people would use this," he said.

On the safety features of the ATM he said that the ATM has a built-in camera and sound alarm system.