India’s first gold ATM launched in Hyderabad

In a first for India, an Automated Teller Machine (ATM) that dispenses gold coins had been launched in Hyderabad.

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In a first for India, an Automated Teller Machine (ATM) that dispenses gold coins had been launched in Hyderabad.

With technology support from Hyderabad-based startup, OpenCube Technologies, Goldsikka has launched its first Gold ATM at Begumpet. The organization described it as India’s first Gold ATM and the world’s first Real Time Gold ATM.

Reportedly, the machine can dispense gold coins in different denominations ranging from 0.5 gm to 100 grams. CEO of Goldsikka, Sy Taruj, explained that customers can buy gold coins of different denominations through this service by using their debit or credit card.

He further stated, “The prices are displayed live on the screen making it transparent and clear for the customers, and the coins are dispensed in tamper-proof packs certified with 999 purity.”

According to the company, they plan to launch three machines in the Hyderabad airport, and old city. They have also proposed to launch them in Karimnagar and Warangal. Taruj said that plans were drawn to launch as many as 3,000 machines all over India in the coming two years.

The launch of the gold ATM was attended by Telangana Women’s Commission chairperson, Sunitha Lakshma Reddy, Goldsikka Chairperson Ambika Burman, CEO of OpenCube Technologies P. Vinod Kumar, and T-Hub CEO M Srinivas Rao.

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