Hyderabad, the capital of India's Telangana state, has got the world's first real-time gold ATM, where people will be able to withdraw gold coins after making payments through their debit or credit cards.
The ATM can dispense gold coins of different weight categories, beginning from 0.5 grams. The limit of gold a person can withdraw from the Goldsikka ATM has been capped at 100 grams.
Owned by Goldsikka Pvt Ltd, a Hyderabad-based startup, the ATM was launched in the city on December 4.
Speaking about other features of the ATM, Pratap, the vice president of Goldsikka, told reporters that it provides live updates about gold prices.
"The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are 8 available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams. People can come here and get the coins directly instead of going to jewlery shops. These coins are 24-carat gold and 999 certified," Pratap said.
The ATM comes with a built-in camera and sound alarm system to stop thieves from stealing gold from the machine.
"We have already taken care of the required security measures as other ATMs. The ATM has a built-in camera and sound alarm system, which will trigger if someone tries to tamper with it. We have 3 external CCTV cameras and we are also getting tied up with local police stations," he added.
The Goldsikka vice president also revealed that the company was planning to install these ATMs in three to four more locations in Hyderabad. Additionally, the machines will be introduced in the cities of Ameerpet and Kukatpally as well.