Turkish engineers have developed a gold vending machine that operates like an ATM and allows users to withdraw certified gold in exchange for cash or by using a credit card at any time of the day. The locally manufactured device, called "Altınmatik," will be launched in Dubai next January and in Turkey within the next six months.
Altınmatik was jointly developed by a local tech company, Elektronet, Turkish Scientific and Technological Research Council (TÜBİTAK) and the Ministry of Economy. The machine will facilitate easier gold transactions in Turkey, which is among the five biggest consumers of gold in the world. It will sell certified gold, ranging between half a gram and 50 grams, produced by gold refineries.
It works just like a vending machine and dispenses gold at current market value. It also allows printing messages on the gold if it is a gift. The 2.5-ton device is equipped with smart sensors and features a vault to hold the gold coins. Instead of going to a jeweler, consumers will be able to buy gold using these machines at any time and location. It will also prevent the sales of forged or low weight products.
Elektronet CEO Can Yanyalı said they were exporting the machine to the United Arab Emirates (UAE) and will feature it for the first time at Dubai Mall, the city's largest shopping mall. Explaining that these vending machines will primarily be installed at marriage registrars, Can Yanyalı said that there was some serious interest in the machine regard, especially from the municipalities.
"We will cooperate with them. Based on the revenue sharing principle, the municipalities, gold refiners, and Elektronet will create a three-way structure," he said. Claiming the device's huge export potentials, Yanyalı said: "We received R&D support from TÜBİTAK and we pay attention to the commercial benefits of the products we have developed." He added that different countries have expressed interest in the project since day one and said the project was important because it allowed gold-based transactions any time of the day.