India gets world’s first gold ATM in Hyderabad; here’s how it works

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Using ATM for cash is an integral part of one’s daily life, but people are less familiar with the concept of Gold ATM. India recently got the world’s first gold ATM. Gold Coin, a company specializing in buying and selling of gold, introduced the first gold ATM in Hyderabad. Gold ATM enables customers to buy gold without visiting a physical jewelery store.

The company said that the Gold ATM has several benefits including ease of use, 24×7 availability and the ability to buy gold within your budget. One can use their debit or credit card to do the transaction.

Hyderabad-based startup OpenCube Technologies is behind the software solution for the Gold ATM. The first real-time gold ATM has been installed at Goldsica’s head office in Begumpet, Hyderabad.

Goldsika said that since the price of gold keeps on fluctuating, it is difficult to control it. Its purpose, it was said, was to make gold available at the lowest possible cost and more accessible to a variety of audiences.

The company said it offers prepaid and postpaid smart cards apart from debit and credit cards that can be used to buy gold.

how gold atm works

The company said that the Gold ATM works like any other ATM. After choosing from the options to buy gold, the credit or debit card has to be swiped.

The buyer selects the price and gold of that amount is issued to the buyer.

Gold ATM dispenses gold in denominations ranging from 0.5 grams to 100 grams. No one will be able to buy less than 0.5 grams or more than 100 grams of gold. Gold price is updated based on live prices.

All gold currencies dispensed by Gold ATMs are of 24 karat, which is considered to be the purest form of gold.

The company hopes that the Gold ATM will become the next destination for gold buyers. It aims to set up gold ATMs across Hyderabad and rural areas.

Read also: India’s first Gold ATM in Hyderabad

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