India’s first gold ATM in which people can insert their debit or credit cards into the machine and buy gold coins, has been inaugurated in Hyderabad.

The machine is known as Goldsikka ATM and has a capacity of storing five kilograms of gold and eight options for the quantity of gold starting from 0.5 grams to 100 grams. On December 3, Hyderabad-based startup OpenCube Technologies Pvt Ltd provided technology support for Goldsikka Pvt Ltd’s launch of its first gold ATM. This is the first real-time gold ATM in India.

The Vice President of Goldsikka, Pratap, told ANI, “Each ATM has a capacity of holding up to 5 kilograms of gold which is worth around Rs 2-3 crores. The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are 8 available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams. People can come here and get the coins directly instead of going to jewellery shops.