Gold can be bought through ATM; The country’s first gold ATM opened in Hyderabad

The world is changing rapidly on many levels day by day. So even everyday things have become digitized. With the advent of digital payment, queues outside ATMs have almost disappeared everywhere. In the age where everything is going digital, buying gold is also entering various levels of digitalisation.

Now buying gold is as easy as withdrawing money from an ATM machine. Hyderabad based Goldsika Pvt Ltd has installed a gold ATM. It is the first live gold ATM in the country. ATM aims to be accessible to all customers.

Gold ATMs allow easy access to customers so everyone can use their debit card or credit card to make transactions. The first ATM of Goldsica Pvt Ltd is located at the head office at Ashoka Raghupathi Chambers, Begumpet. The company claims that its ATM services are easy to use and available 24×7.

Also Read: Know 5 Benefits of Investing in Gold ETFs

How to use Gold ATMS?

Gold ATMs work like all other ATMs. Customers can use their debit and credit cards to purchase gold from the Gold ATM. First, they need to insert their debit/credit card into the Gold ATM and enter the PIN. After that, one has to enter the value of required gold coins, which will be dispensed from the machine.

Each ATM has a storage capacity of up to 5 kg of gold. That is about 2-3 crore worth of gold. The ATM machine dispenses coins from 0.5 gram to 100 gram. All gold coins will be of 24 carat variety, meaning they will be of pure purity. There are eight options available namely 0.5g, 1g, 2g, 5g, 10g, 20g, 50g and 100g. However, there is no clear information about how much gold a customer can withdraw at a time.

The machine has security systems like inbuilt camera, alarm system and external CCTV cameras. A customer support team is also working for the convenience of customers.

The company informed that the gold coins will be available at the ATM as per the live market rate. Before any customer initiates a transaction at the ATM the price of the selected currency and taxes are displayed on the screen.

Also Read : Gold or Digital Gold; Which is better for investment?

Goldsica Limited is a Hyderabad based gold company established 4 years ago. The company is focused on bullion trading. The new concept has been launched in collaboration with a startup company called OpenCube Technologies. The startup provided design and development support for the technology.

The main feature of the ATM is that the gold price is updated real-time and displayed on the screen. Customers can get their investment returns at real-time prices without wasting money.

The company plans to launch the next 3-4 machines in Hyderabad itself at Airport, Old City, Ameerpet and Kuketpally. The company aims to set up 3000 Gold ATMs across the country with a focus on South India. Goldsika Gold ATM is very practical and convenient for common man. Also, do not hesitate to visit jewelery showrooms for small amounts of gold.

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