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

The Goldsikka ATM gives out gold coins instead of just cash like regular ATMs do. The Goldsikka, India's first gold ATM, allows users to purchase gold coins by inserting their debit or credit cards.

5 kg of gold can be stored in the ATM. For the amount of gold, there are 8 possibilities ranging from 0.5 grams to 100 grams.
On December 3, Hyderabad-based startup M/s OpenCube Technologies Pvt Ltd provided technology support for Goldsikka Pvt Ltd's launch of its first gold ATM. This is the first real-time gold ATM in both the world and India.

According to Goldsikka Pratap's vice president, "Four years ago, Goldsikka Limited was incorporated. Trading in bullion is what we do. Our CEO came up with the creative idea to use an ATM to dispense gold coins. After some investigation, we discovered that it is feasible. We collaborated with a young business called OpenCube Technologies. They assisted with technological design and development, along with our own team."

The fact that the gold values are updated in real time, according to Pratap, is a key aspect of the ATM.