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India’s First Gold Dispensing Machine Launched in Hyderabad

Story Highlights
  • India's first gold dispensing machine launched.
  • The users can withdraw gold coins starting from 0.5 grams to 100 grams.
  • OpenCube Technologies Pvt Ltd provided technology support for Goldsikka Pvt.

HYDERABAD: India’s first gold ATM was inaugurated in Hyderabad on 3rd December said an official. The ATM unlike other machines dispenses Gold coin, and has a capacity of storing five kilograms of gold and eight options for the quantity of gold starting from 0.5 grams to 100 grams.

A Hyderabad-based startup OpenCube Technologies Pvt Ltd provided technology support for Goldsikka Pvt Ltd’s launch of its first gold ATM, the first in India as well.

Interacting with the media reporters at the launch, VP of Goldsikka said- Each ATM has a capacity of holding upto 5 kilograms 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.

He added that the prices of gold are updated live in this ATM. The Vice President continued, “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.”

Speaking in terms of safety he confirmed that a built-in camera was installed along with an alarm that would sound immediately on being tampered. Additionally, three external cameras have also been installed that are connected to the neighborhing police station.

It was also informed that in case of a transaction failure, if the amount is debited and gold is not dispensed, then the customer will get back the money within 24 hours.

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