New Gold Dispensers
- The Turkish bank Kuveyt Turk is currently converting its entire ATM park to allow the distribution of gold. This announcement occurs five months after the initiative was launched to enable customer to withdraw 1 to 2 grams gold coins from some ATMs, just as well as the purchase of these coins by cash or using a bank card.
- For each transaction the bank earns between 1 and 2% commission.
- Kuveyt Turk relies on Wincor Nixdorf to deploy about 180 ATMs to be installed by end 2011.
- Unlike fiduciary currencies, gold is considered a safe and lasting value by customers, notably in countries traditionally used to “nest eggs”.
- This is the very first large scale deployment of gold-dispensing ATMs, but several pilot tests were conducted last year.
- In May 2010, one of these ATMs has been installed in a luxury hotel in Abu Dhabi. The German company in charge of installing this device in the Middle East, Ex Oriente Lux AG, also implanted 300 automatons in Florida in December 2010. Large banking institutions such as Bank of America, Citigroup and Wells Fargo would also be interested in the machines. Finally, this interest has now reached Europe and a first gold-dispensing ATM has been installed in a London shopping centre.