Gold Melting ATM: You can Buy and Sell Gold from this ATM without visiting Bank, Know How

Goldsikka, a company known for its innovations in gold transactions, has introduced a new kind of ATM machine that uses Artificial Intelligence (AI). This machine allows users to buy, sell, exchange, lease, digitise, and even earn money from their gold or gold jewellery.

A similar machine was launched in China a few months earlier.

Gold Melting ATM in China: People can buy and sell Gold instantly through this ATM pic.twitter.com/8HHbhqQxZD

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Goldsikka had earlier launched India’s first real-time Gold ATM in 2022, which let people withdraw gold coins just like withdrawing money from a regular ATM. Now, they have created a more advanced machine.

What is Special About This New ATM?

This is not just a simple machine. It is a fully automated machine—which means no human staff is needed to operate it. Everything is done by the machine itself.

Here’s what it can do:

1. Buy Gold: Users can buy gold directly from the ATM.
2. Sell Gold: If someone wants to sell gold, they can put their gold into the machine.
3. Gold Melting: The machine melts the gold to check its purity.
4. Value Checking: Based on the purity, the machine shows how much your gold is worth.
5. Instant Payment: If the user agrees to the value shown, the machine can directly transfer the money into the user’s bank account.
6. Time Taken: This whole process—from depositing the gold to receiving money—takes about 30 minutes.

Security Features:

• The ATM takes a photograph of the person depositing the gold.
• It also verifies the person’s Aadhaar card and ID proof.
• If the machine detects that the gold is involved in any criminal activity, it will keep the gold and alert the police automatically.

The machine also has an Augmented Reality (AR) feature, which allows people to virtually try on jewellery using a screen—before deciding to buy.

When will this Gold Machine be Launched?

Gold Melting ATM launched in India by Gold Sikka. People can buy and sell Gold instantly through this ATM. pic.twitter.com/8MWenvqJEn

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According to the company’s CEO, Sy Taruj, the technology and concept of the machine are ready. They are just waiting for government permissions (regulatory approval) to start using the machine in the real world.

• Goldsikka has already installed 14 gold ATMs in India.
• It has also installed 3 ATMs in other countries.
• The company plans to install 100 such machines in India and 100 in other countries within a year.

Let’s Know About Goldsikka ATM?

Goldsikka ATM is a special type of ATM in Hyderabad, India, that gives out gold coins instead of cash. It is the first gold ATM in India and the first in the world to show live gold prices directly on the machine. This makes it easy for people to buy gold anytime, just like withdrawing money.

The ATM was launched on 3rd December 2022 by Goldsikka Pvt. Ltd. in partnership with OpenCube Technologies Pvt. Ltd.. It was installed at Ashoka Raghupathi Chambers, Begumpet. The machine was inaugurated by Vakiti Sunitha Laxma Reddy, Chairperson of the Telangana Women’s Commission. A second machine was later opened at Ameerpet Metro Station in December 2023, which offers both gold and silver coins.

How Does It Work? How to Buy or Sell Gold?

Anyone can use this ATM by simply inserting a credit or debit card. It is available 24/7 and displays the current gold rate, which is updated in real-time from the London bullion market. The machine can hold up to 5 kilograms of gold and allows users to buy coins between 0.5 grams and 100 grams.

The gold dispensed is 24-carat, which means it is 100% pure. All coins are hallmarked and come with a 999 purity certificate. Each coin is packaged in a tamper-proof pack to ensure it is secure and genuine.