Indian startup in Hyderabad gets the country’s first real-time gold ATM

07-12-2002 : Goldsikka unveiled its first gold ATM in Begumpet with help from Hyderabad-based firm Opencube Technologies, calling it the first gold ATM in India and the first real-time gold ATM worldwide. The gold coins that can be withdrawn from this ATM range in weight from 0.5 grammes to 100 grammes. The company proposes to launch three machines in Warangal, Karimnagar, and the ancient city of Hyderabad in addition to the airport.

 Taruj said plans were being drawn to launch 3,000 machines all over India in coming two years. 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.

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

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.

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. Dismissing concerns of compromised quality, it has said that all of the gold currency is 24-carat gold.

“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,”

On security features, Security measures like inbuilt camera in the machine, alarm system, external CCTV cameras are there.