From the outside, it looks just like a everyday cash dispenser, but this is India’s first ever “gold ATM”, delivering gold coins at the press of a button in a country where gold is often visible as a safe and preferred investment. Set up inside the south Indian town of Hyderabad, the gold ATM is the brainchild of GoldSikka and dispenses gold cash that weigh anywhere between zero.5 and one hundred grams. A a hundred-gram coin is really worth around $7,000, making the want to cover your PIN from whoever’s waiting in line at the back of you even more pressing.
“Instead of going to jewelry showrooms, they (customers) can come right here without delay, and they could get the coins here,” GoldSikka Vice President Pratap, who only gave his first name, said. India is the world’s 2nd-largest gold customer. Two-thirds of India’s gold call for normally comes from rural regions, in which jewelry is a conventional save of wealth. The gold ATM, which began operations on Saturday, can shop as much as 5 kg of gold.
On a recent nighttime, several customers covered up to shop for gold coins, placing their credit playing cards into the system after which deciding on the weight of coin. “The complete transaction took much less than a minute. So, one whoever goes for investment, I suppose this is the high-quality way to take gold,” one patron stated.