India’s First Gold-Melting ATM Unveiled by Goldsikka

In a groundbreaking move set to transform the landscape of gold transactions in India, Hyderabad-based Goldsikka has unveiled an AI-powered Gold-Melting ATM. This innovative machine enables users to buy, sell, exchange, lease, digitise, and monetise gold, all through an automated process. Integrated with Augmented Reality (AR), the ATM also allows users to virtually try on jewellery before purchasing, offering a futuristic and user-friendly gold transaction experience.

Why in News?

The Gold-Melting ATM is making headlines as it represents a significant technological advancement in India’s precious metals market. Introduced by Goldsikka, which previously launched India’s first real-time gold ATM in 2022, this next-gen machine comes with zero human interference, enabling secure and transparent gold transactions with added AI-powered authentication and security features.

Features and Functionalities

• Buy/Sell Gold: Users can both purchase and deposit gold using the ATM.
• Melting and Testing: Deposited gold is melted and its purity is tested on-site.
• Instant Valuation: The machine displays the real-time value of the pure gold based on current market prices.
• Direct Bank Transfer: After user consent, the gold value is transferred directly to their bank account within 30 minutes.
• Integrated AR: Allows users to virtually try on jewellery using Augmented Reality.
• AI-based Security: Uses Aadhaar verification, ID proof checks, and captures user photos.
• Crime Detection: Automatically flags suspicious transactions and alerts police if needed.

Objective and Vision

• Enhance Convenience: Minimise human interaction and provide secure, fast, and automated gold services.
• Boost Financial Inclusion: By enabling monetisation and digitisation of personal gold assets.
• Scale Expansion: Plans to install 100 more machines in India and 100 abroad within a year.

Background & Static Information

• Company: Goldsikka Pvt. Ltd., headquartered in Hyderabad.
• Earlier Innovation: Launched India’s first gold ATM in 2022.
• Current Status: 14 gold-dispensing ATMs across India; 3 internationally.
• Awaiting Approval: The gold-melting version is ready and awaiting regulatory clearance.

Significance

• Introduces AI and AR in physical banking systems.
• Promotes digital transformation in the traditional gold market.
• Encourages legal and traceable gold transactions in India.
• May act as a model for automated precious metal banking globally.