MUMBAI: From the exterior, it resembles a typical cash dispenser, but this is India’s first “gold ATM,” dispensing gold coins at the touch of a button in a nation where gold is frequently regarded as a secure and favoured investment.
The Gold ATM was created by GoldSikka and is located in Hyderabad, a city in southern India. It can distribute gold coins weighing anywhere between 0.5 and 100 grammes.The need to keep your PIN secret from the person in line behind you is made more pressing by the fact that a 100-gram coin is worth approximately $7,000.
Customers can come directly here and purchase the coins instead of visiting jewellery showrooms, according to Vice President of Sales at GoldSikka Pratap, who only used his first name.
The second-largest consumer of gold worldwide is India. India’s rural areas, where jewellery is a customary way to store wealth, typically account for two thirds of the country’s demand for gold.
The 5 kg of gold that can be stored in the gold ATM, which started operating on Saturday.Several people lined up to purchase gold coins on a recent evening, entering their credit cards into the machine before selecting the coin weight.
“The entire process was completed in under a minute. Therefore, I believe that this is the best way to take gold, according to one customer who was looking to invest.