A first of its kind Automated Teller Machine (ATM) has become operational in Bengaluru, which dispenses gold, instead of cash. Initiated by online jewellery company BlueStone on the occasion of Diwali, the machine also delivers a certificate of purity and genuineness of the gold.
About the gold ATM that was installed at Bengaluru’s Forum Mall on Monday, BlueStone COO Arvind Singhal says: “There was no extensive marketing for the launch. But the ATM will continue to function depending on the customer response.” He added that many customers are coming to try the machine out of curiosity, while some mistake it for a cash ATM and try to withdraw money.
The coins are in the weight of 1gm, 2gm, 5gm, 10gm, and 20gm, in varying numbers as per BlueStone’s estimates. As per BlueStone, the prices are very competitive, pretty much in sync with what gold prices are in the market right now.
The machine has already dispensed gold coins for around 20 customers within a span of only 2 days, weighing 100 gm.
The customers have multiple options to make the payment. They can either pay by cash or by credit or debit card.
BlueStone is launching a gold ATM in Delhi too!!