What if you go to an ATM and it dispenses gold coins instead of paper notes? You must be thinking that what ever happens like this. Yes, it is surprising but it is true that India’s first gold withdrawing ATM has been installed.
Now you can buy gold from Automated Teller Machine (ATM). This ATM has been installed by jewelry manufacturer Goldsikkka in association with a startup Opencube Technologies Pvt Ltd. This Gold ATM Through this, people can buy gold coins using their debit or credit cards.
According to news agency ANI, ATM 5 kg gold can be stored in it. Also people will have 8 options to choose from. The report states that “8 options are available with gold capacity ranging from 0.5 grams to 100 grams.”
India’s first and world’s first real-time gold ATM Ashoka Raghupati Chambers, Begumpet has been installed at the Head Office, Hyderabad. The machine extracted coins are 24 carat gold and 999 certified. The special thing about ATM is that the price is updated live. Simultaneously the prices and taxes are updated and displayed on the screen.
Pratap, Vice President, Goldcoin said, “Goldcoin Limited is established 4 years back. We are into bullion trading. Our CEO came up with a concept of withdrawing gold coins through ATM machines. After doing some research, we came to know that this It is possible. We tied up with a start-up company, OpenCube Technology. The company and our in-house department came up with the technology and design. They plan to develop the next 3 airports in Hyderabad, Old City, Ameerpet and Kukatpally, Pratap said. Making plans for 4 machines.
He said that “We are focusing on Telangana first, because there is already a concept of Bangaru Telangana. We will further move towards South India and with time will install around 3000 ATMs across the country. We will also be known globally. We are also planning to come up with a version 2 of this machine.