Hyderabadis can soon buy gold from ATM

Hyderabad: Hyderabadis can soon buy gold through ATMs. Goldsikka, which runs various schemes to promote gold as an asset class, has plans to set up these gold ATMS at Gulzar Houz, Abids and Secunderabad soon and also expand across the country depending on the response. The ATM will allow users to buy gold, which will […]

Hyderabad: Hyderabadis can soon buy gold through ATMs. Goldsikka, which runs various schemes to promote gold as an asset class, has plans to set up these gold ATMS at Gulzar Houz, Abids and Secunderabad soon and also expand across the country depending on the response.

The ATM will allow users to buy gold, which will be certified for purity and weight, in denomination of half gram coins to 100 gram bars. The company plans to offer prepaid cards which can be used to buy the gold at the ATMs. Later, it will integrate various bank cards as well for making the purchases, said Sy Taruj, Goldsikka Chief Executive Officer and Promoter.

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Goldsikka joined hands with Trunix Dataware LLP, a Chennai-based firm that is into providing software solutions for financial and banking requirements for various sectors, and also with KL Hi-Tech Secure Print, which provides secure print products and smart solutions to banks globally. The gold coins and bars from the ATM will have purity certificate and also mention the weight, he said.

“Many people want to add gold as an asset class but put off their decision as visiting the market it a time consuming process. We will strive to offer gold at the best price as we will cut overhead costs through the use of technology. The prices will be dynamic,” he said. Each gold ATM will have an inventory of about 5 kg and have security measures in place.

The prevalent rules of buying gold apply here and purchases above Rs two lakh will require a full KYC. All sales happening through the ATMs will have a two-factor authentication including an OTP that will be sent to the registered mobile numbers.

The company is into buying and selling gold. It also runs schemes as per the quantity of gold and tenure chosen. At the end of these, it gives the physical delivery of the gold to the customers.