MUMBAI: It seems to be a regular cash dispenser from the outside, but this is India’s first “gold ATM,” delivering gold coins at the touch of a button in a country where gold is frequently regarded as a safe and preferred investment.
The GoldSikka gold ATM is located in the south Indian city of Hyderabad and dispenses gold coins weighing between 0.5 and 100 grammes.
A 100-gram coin is worth around $7,000, making it even more important to keep your pin number hidden from those in line behind you.
According to GoldSikka Vice President Pratap, who only gave his first name said, “Instead of going to jewellery showrooms, they (customers) can come here directly and they can get the coins here.”
India is the world’s second-largest consumer of gold.
Traditionally, two-thirds of India’s gold demand comes from rural areas, where jewellery is a traditional store of wealth.
The gold ATM, which went live on Saturday, can hold up to 5 kg of gold.
On a recent evening, several customers waited in line to purchase gold coins, inserting their credit cards into the machine and then selecting the coin weight.