Hyderabad, May 3: Hyderabad-based “Goldsikka” unveiled an AI-powered financialized ATM on Saturday, enabling users to buy, sell, exchange, lease, digital and digitalize and monetize gold and gold jewelry.
The company's CEO Sy Taruj told reporters here that the company launched the Goldsikka, India's first real-time gold ATM, in 2022, which launched the next-generation ATMs that include advanced features to redefine gold trading.
He said the machine offers an integrated augmented reality (AR) experience that allows users to try out jewelry almost before purchasing.
“This is an ATM with zero human interference. With this ATM, gold can be purchased and sold. During the process of selling gold, when the customer deposits the gold into the machine, it will melt, the purity of the gold will be tested, and the value of the pure gold will be displayed on the machine. Once the customer shows the value of the ATM, the amount will be transferred to the customer's account, transferred to the customer, and transferred to the customer.
Tarugi said the process of depositing gold into an ATM and depositing the money into a bank account would take about 30 minutes, during which time the machine took photos of the depositor, verifying the Aadhar card and ID proof.
He said that if any criminal record is found to involve gold transactions, the ATM will block gold and will automatically report it to the police.
“The concept of (this financialized ATM) is ready and we are waiting for approval of the regulatory framework to start the machine (physical form) as soon as possible,” Taruji said.
The company has established 14 gold ATMs (allocated gold and silver coins) and 3 ATMs in India and other countries. “In a year, we want to install 100 machines in India and 100 machines in other countries,” he said.
