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India’s first Gold ATM in Hyderabad now

India: People tend to head over to an automated teller machine (ATM) if they’re in need of a cash withdrawal. Nonetheless, anyone can now even withdraw gold from ATMs. Individuals can use their debit or credit cards to withdraw gold coins from the Goldsikka ATM, which is the first real-time gold ATM in the world and the first gold ATM in Hyderabad, India now. 

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Goldsikka unveiled its first gold ATM with help from Hyderabad-based firm Opencube Technologies, calling it the first gold ATM in India and the first real-time gold ATM worldwide. This ATM can dispense gold coins in various weights, from 0.5 grammes to 100 grammes. The business proposes to introduce three machines in Hyderabad’s old city and airport, as well as in Karimnagar and Warangal. According to Taruj, preparations are being made to introduce 3,000 devices across India in the next two years.

Points about the gold ATM:

  1. The ATM is intended to provide access to a “varied audience,” according to the company. The machine’s stated objective is to allow anyone to extract gold from any location, 24/7.
  2. In addition to debit and credit cards, purchasers may now withdraw the yellow metal using prepaid and postpaid smart cards.
  3. The company’s first ATM is now operational at its headquarters in Ashoka Raghupathi Chambers, Begumpet, and it plans to deploy additional ATMs throughout the city, particularly in rural regions.
  4. Gold’s price is updated based on current market rates. Even though the price of gold reached a record high earlier this month of around $54,630 per 10 grammes, there will always be a need for it.
  5. Gold ATMs are a representation of consumer demand. The denominations of the gold available at this ATM range from 0.5 grammes to 100 grammes. It has been stated that all of the gold coin is 24-karat gold, allaying fears about a compromised quality.
  6. Each ATM is capable of handling up to 5 kg of gold, which is worth between Rs. 2 and 3 crores.From 0.5 grammes to 100 grammes of coins can be obtained from the ATM. Eight possibilities are available: 0.5 grammes, 1 gramme, 2 grammes, 5 grammes, 10 grammes, 20 grammes, 50 grammes, and 100 grammes.
  7. In regards to safety aspects, there seem to be external CCTV cameras, an alarm system, and an internal camera incorporated within the machine.
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