India’s first gold ATM in Hyderabad

Gold ATMs are unique and designed to dispense gold coins or items made of pure gold. Though they are common in many countries, the concept is new in India. However, India’s first gold ATM will be launched soon in Hyderabad.

Goldsikka Ltd is going to launch the country’s first gold ATM in Hyderabad. These ATMs enable buyers to purchase physical gold directly using their debit or credit cards.

The company also plans to provide smart cards for buying gold. These pre-paid and post-paid smart cards are simple to use. One can buy gold using these cards from ATMs. The machine will dispense gold coins of various sizes ranging from 0.5 grams to 100 grams.

Goldsikka Ltd has entered into an agreement with Trunix Dataware LLP and KL Hi-Tech Secure Print Ltd for this. Trunix Dataware LLP is a Chennai based company that provides software solutions to banking and financial institutions. KL Hi-Tech Secure Print Ltd is a leading Hyderabad-based firm. It provides secure print products and smart solutions to banks.

Goldsikka Ltd is a digital platform that offers many services related to gold buying and selling without any human intervention. Users can buy or sell gold jewellery, gold coins, and gold bullions on this platform. The firm assures pure gold products; at the same time, it aims to offer them at competitive prices in the market.

The firm is planning to launch 60 per cent of its ATMs in rural areas so that rural people can buy directly from the firm without depending on unknown or untrusted people.

The firm will launch gold ATMs in Hyderabad in the coming months. It aims to install three prototype ATMs at Secunderabad, Gulzar House, and Abids in the beginning.

Later, it will extend to other areas in the city. It aims to install at least 3,000 gold ATMs across the country within a year.

Image by timcgundert from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/photos/gold-coin-museum-darling-valleys-1633073/