Goldsikka

History

2022: India opens world's first gold ATM

In early December 2022, the world's first ATM, allows you to buy gold coins with money with credit or debit plastic cards, began serving customers Indian in the city of Hyderabad.

If the use of ATMs for cash is an integral part of everyday life, then people are less familiar with the concept of gold ATMs. Gold buying and selling company Goldsikka has unveiled the first gold ATM in Hyderabad, which allows customers to buy gold without visiting a jewellery store.

India launched the world's first ATM selling gold

Goldsikka said the gold ATM has various advantages including ease of use, 24x7 availability and the ability to buy gold within its budget. You can use a debit or credit card to complete your transactions. According to the company's management, gold rates are constantly fluctuating, it is difficult to navigate. The company's goal, it said, is to provide gold at the lowest possible price and make it more accessible to a diverse audience. In addition to debit and credit cards, the company said it offers prepaid and post-paid smart cards that can be used to buy gold.

The ATM software was developed by OpenCube Technologies. The first real-time gold ATM is installed at Goldsikka headquarters in Hyderabad's Begumpet district.

{{quote 'People can get coins directly instead of going to jewellery stores. We plan to install about 3 thousand devices throughout the country, and in the future to reach the global level. Also, a new version of the ATM will be presented soon, "said Devi Bakshi, Goldsikka Development Director. }} According to company representatives, the gold ATM works in the same way as any other ATM. You need to check with a credit or debit card after choosing from the proposed options for buying gold. The buyer chooses the price, and gold for this amount is issued to the buyer. The ATM issues gold in denominations from 0.5 gm to 100 gm and at least. The value of gold is updated based on real prices. All gold currency issued by a gold ATM has a 24-karat coating, considered the cleanest type of gold.

Goldsikka expects the gold ATM to be the next destination for gold buyers. The company plans to install gold ATMs throughout Hyderabad and in rural areas.^[1]

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