Gold ATM in Hyderabad pitched as first-of-its kind| 5 points

Published on Dec 06, 2022 06:35 AM IST

Hyderabad can now boast of an ATM that can be used to buy gold anytime.

Hyderabad: A woman withdraws gold coins from Gold ATM, Begumpet, in Hyderabad. (PTI)
Hyderabad: A woman withdraws gold coins from Gold ATM, Begumpet, in Hyderabad. (PTI)

While digital payments have made visits to automated teller machines less and less frequent for many people, Hyderabad can now boast of an ATM, which can be used to buy gold. Jewellery manufacturer Goldsikka, which has collaborated with a startup - OpenCube Technologies Pvt Ltd - for the innovation, has pitched it to be “the first real-time Gold ATM globally.” "We proudly announce that we have successfully launched Gold ATM and, through this achievement, we unleash the unstoppable journey to make Bharat Sone ki Chidiya phir se, and contribute to the mission of Bangaru Telangana. (sic)," the firm said in a Twitter post, along with some photos of the inauguration.

Here are five points on the Gold ATM in Hyderabad:

1) The ATM, the firm says, aims to give access to a “varied audience”. Anybody can withdraw gold anywhere - 24*7 - with the machine is said to be the goal.

2) Apart from debit and credit cards, buyers can also use prepaid and postpaid smart cards to withdraw the yellow metal.

3) The firm's first ATM has been installed at its head office in Ashoka Raghupathi Chambers, Begumpet, and it aims to install such ATMs throughout the city, especially in rural areas.

4) “The update in the price of gold is based on the live prices. Earlier this month the gold price hit an all-time high of nearly 54,630 per 10 gms but the demand for gold will only grow. Gold ATMs are a reflection of the demand from consumers. This Gold ATM supplies in denominations ranging from 0.5 gms to 100 gms,” a statement underlined. Dismissing concerns of compromised quality, it has said that all of the gold currency is 24-carat gold.

5) "Each ATM has a capacity of holding up to 5 kg of gold, worth around Rs. 2-3 crores. The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are eight available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams," Pratap, Vice-President, Goldsikka, was quoted as saying by news agency ANI. On security features, he added: "Security measures like inbuilt camera in the machine, alarm system, external CCTV cameras are there. We also have a customer support team for the convenience of customers."

(With inputs from ANI)

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