The first ATM that dispenses gold coins has been inaugurated in India. Customers can purchase a variety of gold coins with a debit or credit card to make the transaction.
The gold ATM in India, a country where gold is often considered a safe and preferred investment, has been inaugurated in the city of Hyderabad, reports Reuters.
In the world’s second-biggest gold consumer, India, the "gold ATM" was created by the GoldSikka Company and distributes gold coins weighing between 0.5 and 100 grams, according to Agerpres.
The 100-gram coin is worth about 7,000 dollars, and for this very reason, the need to hide the pin from the other users standing in line is even more pressing in the case of this ATM.
"Instead of going to jewelry stores, customers can come directly here and get the coins," said GoldSikka vice president Pratap, who identified himself only by his first name.
India ranks second in the world in gold consumption. Two-thirds of India's gold demand comes from rural areas, where jewelry is a traditional sign of wealth.
The gold ATM, which became operational on Saturday, can store up to five kilograms of gold.
On one recent evening, several customers stood in line to buy gold coins, inserting their cards into the device and then choosing the desired weight.
"The whole transaction takes less than a minute. For those who want to invest, I think this is the best way to buy gold,'' said a customer.
The benefits of a gold ATM are 24x7 availability, ease of use, and the ability to buy gold within one’s budget.
Goldsikka mentions that gold rates are constantly fluctuating, making it difficult to get a hang of it. It aims to provide gold at the lowest possible price, making it more accessible to a varied audience.
The company adds that it offers postpaid and prepaid smart cards that can be used to buy gold, apart from debit and credit cards.
But how does this gold ATM work?
It works like any other ATM. The individual first selects from the options to purchase gold, then he/she needs to swipe the credit or debit card.
The buyer selects the price, and gold worth the amount is released to the buyer.
The gold is dispensed in denominations ranging from 0.5 gm to 100 gm, thus, one won't be able to purchase gold lower than 0.5 gm or more than 100 gm. The price of gold is updated based on live prices.
All of the gold currency dispensed by the gold ATM is 24-carat, which is considered the purest type of gold.
The company anticipates the gold ATM to become the next destination for gold buyers. It aims to install gold ATMs across Hyderabad, and in rural areas.
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