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If you are planning to buy gold, you can do so without the hassle of visiting an outlet. All you now need to do is to go to a Gold ATM.
The Hyderabad-based Goldsikka Pvt Ltd has set up a gold ATM here, which is claimed to be the country’s first real-time yellow metal dispensing machine. According to Sy Taruj, CEO, Goldsikka, customers can use a debit or credit card to buy gold coins through the ATM.
“The coins are dispensed in tamper proof packs certified with 999 purity and provide full value for the customers’ money,” Taruj said.
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The futures of both precious metals on MCX are expected to rally moreGoldsikka has done market research on the need for gold ATMs based on consumer psychology. “We find that many buyers want to invest in gold but have inhibitions to go to a big shop to buy it in small quantities. The ATMs provide an easy option,” he said.
Gold ATM: India’s first ATM that dispenses gold coins
The ATM can dispense gold coins in different denominations ranging from 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams to 100 grams (in multiples of 5 grams). The prices are linked to the dynamics of the market on a real-time basis and are displayed on the screen when one attempts to buy.
The gold ATM is interlinked with the banking/financial system management grid and to the Gold Price Discovery Global Grid with a high-profile security management system. The technical support has been provided by a city-based technology start-up, Opencube Technologies.
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The merchandise trade deficit for April-October 2022 was estimated at $173.46 billion as against $94.16 billion in the year-ago periodGoldsikka is bullish on the response for the gold ATMs. “We believe that this will be a game-changer in the market and will cater to different segments of customers,” the CEO said.
The first ATM was operationalised on Saturday at the Goldsikka office complex, Begumpet, Hyderabad. It would open gold ATMs in Hyderabad, Karimnagar, and Warangal shortly and has a plan of launching 3000 machines all over India over next two years.
“Though there are gold ATMs in some countries in Europe, the Gulf, and the US, ATMs of Goldskikka are the only ones that can be connected with real-time market price. We have received expressions of interest for our machines from Germany, UAE, USA, Tanzania, and South Africa,’‘ Taruj said.
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