Turk­ish en­gi­neers de­velop gold vend­ing ma­chines

Daily Sabah (Turkey) - - Business -

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 gold­based trans­ac­tions any time of the day.

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