India's First Public GoldATM Has Over 50 Daily Transactions in less than a Week

Hyderabad: A GoldATM at Ameerpet Metro Station, which was inaugurated on December 29, has quickly become a magnet for commuters, registering an average of 50 transactions daily. This is the country's first real-time GoldATM put up at a public place (metro station) and the second one as a whole, with the first one put up at the company's office in Begumpet.

“As of Tuesday noon, a total of 212 transactions have taken place at the Ameerpet Metro Station GoldATM,” Sy Taruj, CEO of Goldsikka Ltd, told Deccan Chronicle. These transactions have allowed customers to acquire both gold and silver coins, with about 75 per cent of them opting for gold.

"A predominant number of customers went for one-gram and half a gram gold bullion coins, while 10-gram gold coins were dispensed in three instances. On the other hand, 52 transactions involving the purchase of 10 gram silver coins were made till now," Taruj said.

It takes approximately 80 to 100 seconds to complete a transaction at the GoldATM, situated on the 1st Level Platform at the Ameerpet metro station. The gold dispensed is 24 karats, BIS certified, and comes with a purity certificate issued by the company, accompanied by a tax invoice. The company also assures customers of its commitment to buy back the same gold.

Commuters were excited about the ease and speed of buying gold and were happy to buy gold 'in the break between changing metro lines', a customer, who bought bullion at GoldATM, said.

"It's also nice that the ATM has live rates from LBMA (London Bullion Market Association), ensuring we have access to the most up-to-date prices. The option for customers to purchase using UPI has been even more helpful," Shruti T., an IT employee, said. About 92 per cent of gold purchases from the ATMs have been through UPI.

Feedback from users has played a crucial role in shaping the evolution of the GoldATM, Taruj said. "Suggestions such as expanding the ATM network to more locations, adding silver coins, enabling cash transactions, and providing options for smaller jewellery have been carefully considered," he said, adding that the demographic of buyers is remarkably diverse.

The company has plans to install 2,000 to 3,000 machines across the country and overseas and have already received orders from countries like Russia, Turkmenia, US, and other parts of the globe. In addition to the Ameerpet Metro Station, the company has also started installing its machines in multiple airports, starting with Hyderabad Airport and Mangalore Airport. To ensure a seamless supply of machines, Goldsikka Ltd will be entering into partnerships with global manufacturers.

Looking ahead, Taruj said they have exciting plans for Valentine's Day, intending to introduce gold bars and coins featuring heart designs, adding a touch of romance to the precious metal offerings.