Unlike usual ATMs that dispense cash, this ATM in Telangana’s Hyderabad dispenses gold coins. Launched by Goldsikka Private Limited, a Telangana-based fintech company, this ATM dispenses gold coins.
This is India’s first and world’s first real-time gold ATM. Like withdrawing cash, customers can casually walk in and withdraw gold coins with their debit or credit cards in a matter of seconds. Interestingly, there is no chance of any fraud.
The ATMs can store upto 5kg gold and dispense pure and hallmarked gold coins. Customers can buy 24-carat pure 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams, and 100 gram gold coins certified by 999.
This makes it very feasible and convenient as customers don’t need to walk to a jewellery showroom for less quantity of gold.
Most importantly, the prices of gold coins are also updated live and displayed on the screen of the ATMs. After Hyderabad, the company is planning to further move to South India and set up around 3,000 ATMs across the country with time.
If things go well, the ATMs will go global too, said company vice-president Goldsikka Pratap.
“We had at least 20 customers on the first day of launch. Now, we are planning the next 3-4 machines in Hyderabad at the airport, old city, Ameerpet and Kukatpally. We also have received orders from Karimanagar and Warangal. Currently, our focus is on Telangana and will move to South India and set up around 3,000 ATMs across the country over a period of time. We are also planning to go global with time,” said Pratap.
Speaking about the safety, there is little to no chance of theft and fraud as the ATMs have built-in camera and sound alarm system. The alarm will trigger if someone tries to tamper it.
Moreover, the customers will get back their money within 24 hours if by any chance the gold is not dispensed and the money is debited from their accounts. The company has also opened dedicated customer support for any queries.