Cash my Gold
The automated teller machines of Turkish financial institution Kuveyt Turk are turning into gold dispensers.
Wincor Nixdorf, one of the world’s biggest vendors of IT solutions for banks and retailers, is enhancing each of the 180 devices in the bank’s ATM estate with a module that will allow them not only to dispense banknotes, but also 1 and 1.5 gram ingots of gold bullion. Thus far, all 64 ATMs installed in Istanbul have been upgraded to offer this new function. By year-end, customers of the bank will be able to withdraw both banknotes and gold bullion at any of its ATMs.
By offering this service, Kuveyt Bank wants to become Turkey’s leading retailer of gold to consumers. The demand for gold is great in Turkey, and is driven by the local tradition of investing savings in gold and making gifts of gold on the birth of children and at weddings. The bank is also offering its customers the option of depositing their gold in the bank’s safes.The bank’s objective with the new offering was to enable sales of gold at weekends, when the bank branches are closed.
The mini gold bars are not dispensed through the banknote output chute, but via a special coin output module that is retrofitted to the ATM. The gold bullion is packed inside a transparent plastic coin roughly the same size as a two-euro coin. In addition to upgrading the ATMs, Wincor Nixdorf also programmed the application that controls the dispensing process.