Hyderabad-based fintech company Goldsikka has unveiled a next-generation AI-powered gold melting ATM, offering users a seamless platform to buy, sell, exchange, lease, digitize, and monetize gold and gold jewellery.
The company, known for launching India’s first real-time gold ATM in 2022, is now pushing boundaries with an upgraded model that integrates advanced technology, including Augmented Reality (AR), allowing customers to virtually try on jewellery before making a purchase.
“This fully automated ATM operates without any human intervention,” said Goldsikka CEO Sy Taruj while addressing the media. “Customers can deposit gold into the machine, which then melts and tests the purity. Based on the results, the system displays the gold’s value, which can be credited directly to the customer’s bank account upon approval.”
The process—from depositing gold to receiving funds—takes about 30 minutes. During this time, the machine captures the depositor’s photograph, and verifies their Aadhaar and other identification documents for added security.
In an added safety measure, if the system detects any link between the transaction and criminal activity, the ATM will withhold the gold and automatically alert law enforcement authorities, Taruj added.
While the prototype is ready, the company is currently awaiting regulatory approvals to officially launch the machine in physical form
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