Hyderabad to get India's 1st gold ATM

Hyderabad: Goldsikka Ltd, a digital platform that allows buying and selling gold, has announced the launch of India's first gold ATM. The buyers can use all credit and debit cards to buy physical gold instantly through these gold ATMs. The company also provides pre-paid and post-paid smart cards for buying gold as easy as withdrawing money from any automatic teller machine (ATM).

To bring the first of its kind gold ATM in India, the company has entered into an agreement with Trunix Dataware LLP, a Chennai based firm, which is into providing software solutions for diverse financial and banking requirements and KL Hi-Tech Secure Print Ltd, who are pioneers in providing secure print products and smart solutions to many banks globally.

"We are specialised in buying and selling of gold jewellery, gold bullions and gold coins with surety and purity without any human intervention and dependence of unknown and untrusted people. For this, we will launch 60 per cent of our ATMs in rural areas. We will dispense gold coins at the best price in the market," said Sy Taruj, CEO and Promoter of Goldsikka Ltd.

He said, "Goldsikka aims to give the gold at most competitive price in the market. The gold rates will be changing according to real time live prices. The gold ATMs will make the precious metal available to the common man on the street like currency notes from any ATM. We will install three prototype ATMs at Gulzar House, Secunderabad and Abids within 40 days."

The company is going establish 3,000 gold ATMs across India within one year. "We are planning to launch 200 to 300 machines per month, and each machine will be having 5 kg gold. The machine can dispense 0.5 gram to 100 gram gold with quality, BIS certification and hallmarks. This will be available at real time live market price," Taruj informed.

"Now, everyone can get gold buying experience just like purchasing any other commodity in the market. Every gram of gold will be displayed on the machine before it is going to dispense. Our technical and hardware counterparts are working on the prototype machines considering quality, quantity and security as the main concerns," he added.

"Goldsikka is a market innovative organisation for the gold industry as an asset class. Our purpose is to stimulate and sustain demand for gold, provide monetisation of gold, and be the leaders on the gold liquidity. We are an active force within the market working with a large and diverse set of partners to create access, drive innovation and stimulate demand, while providing a collective voice for our customers," says Ambika Burman, Director of Goldsikka.

She further said, "India is the world's second largest gold consumer after China. There is an ever increasing demand for the precious metal. Majority of the imports take care of the demand by the jewellery industry. Keeping in view of the sentimental attachment of the people to possess gold, we are striving to bring out innovative methods to make it convenient for all classes of people to buy gold, even in small volumes."