India's first real-time gold ATM opens in Hyderabad

HYDERABAD: For those in Hyderabad, pocketing gold will now be as easy as withdrawing cash from an ATM. You heard that right. Gold lovers can henceforth buy gold coins using their debit and credit cards as a real-time Gold ATM, India's first, was started in Hyderabad.

The unique gold telling machine was inaugurated at Raghupathi Chambers in Begumpet by Telangana Women's Commission Chairperson Sunita Lakshmareddy on Saturday. The novel ATM was set up by online gold and silver trading firm Gold Sikka which also plans to expand this facility within the twin cities of Hyderabad and Secunderabad besides Karimnagar and Warangal.

If their plans are anything to go by, users will soon see its gold ATMs also opened at Gulzar House in Secunderabad and Abids in Hyderabad. Peddapalli in Karimnagar district and Warangal are the next chosen destinations to set up the gold ATMs.

Inaugurating the ATM, Sunita Lakshma Reddy said that the facility would be very handy for common people and especially women as it reduces the conventional hassle. The Gold ATM also stands testimony to the rapidly developing technology in the world, she said.

Gold Sikka CEO Sy Taruj said that users could draw gold coins of 99.99 percent purity in the denominations of 0.5, 1, 2, 5, 10, 20, 50, 100 grams. Besides dispensing the choicest gold coins, the ATM will also print out quality and guarantee certificates for every purchase. The gold prices will also be displayed live on the ATM screen, according to Sy Taruj.

As per the website of Gold Sikka, the company has collaborated with OpenCube Technologies Pvt Ltd for designing and establishing the gold vending machine. OpenCube is a Hyderabad-based startup that provides software solutions for diverse financial and banking requirements to bring the first-of-its-kind Gold ATM to India. Goldsikka, through this initiative, also claims to provide gold at the lowest possible price.