Gold ATM: In today’s tech-savvy world, selling gold has become as simple as withdrawing cash from an ATM. In Hyderabad, the capital of Telangana, fintech company Goldsikka has introduced India’s first AI-powered gold melting machine. This innovative machine is a game changer for anyone looking to quickly cash in on their old gold.
Customers no longer need to visit jewelers and spend hours verifying purity and haggling over prices. The gold melts in just 30 minutes, and the cash is directly deposited into their bank accounts. The operation of this machine is highly transparent and advanced. Here’s how it works:
Melting Gold: Once the customer places their gold into the machine, it begins melting right away.
Purity check with AI: The machine uses Artificial Intelligence (AI) to accurately determine the purity and weight of the gold.
Instant Payment: The price is set according to the current market value based on the gold’s quality, and the funds are transferred to the customer’s bank account in just 30 minutes.
Virtual trial and purchase of gold coins
But this machine does more than just sell gold. It incorporates augmented reality (AR), enabling customers to virtually try on jewelry while in front of the machine. Plus, it can sell gold coins in weights from 0.5 grams to 100 grams. This service is available around the clock, giving customers the flexibility to digitize, monetize, or trade their gold whenever they need.
Security and KYC
The machine has strict security measures in place to prevent inevitable fraud and the misuse of stolen gold. Before initiating any transaction, the machine verifies the customer’s identity (KYC) and also checks their criminal record. If any suspicious activity is detected, the machine immediately blocks the transaction.
Gold Coin currently operates 14 traditional gold ATMs in India and three abroad. The company’s next goal is to install 100 AI-based gold ATMs in India and internationally by next year. The necessary regulatory approvals are currently awaited for the commercial launch of these machines.
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