Wow! Now you can buy GOLD from ATM as well as India's FIRST gold ATM launched in Hyderabad; Details here

File Photo

New Delhi: Gone are the days when you have to stand in line for an hour at the banks for cash withdrawals. Now ATMs, United Payment Interface (UPI), Net banking, and mobile wallets have reduced the difficulties related to cash withdrawals to a great extent. But you may not be as familiar with the idea of gold ATMs. Following suit, a company named Goldsikka installed a gold ATM in India. Interesting, huh? Recently, the first gold ATM was unveiled in Hyderabad. 

Goldsikka is a business that specialises in purchasing and selling gold. Customers can purchase gold via the gold ATM without visiting an actual jewellery store.

The company said that the gold ATM had a number of advantages, including simplicity of use, availability around the clock, and the possibility to purchase gold within one's price range. A debit or credit card may be used to complete the transactions. ()

The software for the gold ATM was developed by the Hyderabad-based business OpenCube Technologies. At the Goldsikka corporate headquarters in Begumpet, Hyderabad, the first real-time gold ATM has been installed. ()

Goldsikka claimed that it is challenging to get the hang of it because gold prices are always fluctuating. It said that its goal was to make gold more affordable and available to a wide range of customers. In addition to debit and credit cards, the company claimed to offer prepaid and postpaid smart cards that may be used to buy gold.

According to the business, the gold ATM functions just like any other ATM. After choosing from the available options to purchase the gold, one must swipe their credit or debit card. Gold valued at that quantity is released to the buyer at the price set by the buyer.

From 0.5 grams to 100 grams of gold can be obtained from the gold ATM. Less than 0.5 gm or more than 100 gm of gold cannot be bought. On the basis of current prices, the price of gold is updated. The 24-carat gold that is distributed by the gold ATM is all thought to be the purest form of gold.