Mon, Feb 20, 2017 | updated 09:24 AM IST

For Diwali, an ATM that dispenses gold coins in Bengaluru

Updated: Oct 26, 2016 07:41 IST

Bengaluru (Karnataka) [India], Oct.26 (ANI): A unique automatic telling machine (ATM) has grabbed the attention of people in Bengaluru, as instead of dispensing money, it accepts money from users and dispenses gold coins in exchange.

This one of its kind experiment has been initiated by online jewellery company BlueStone on the occasion of Diwali.

The mechanism behind its usage is quite simple and a frequent ATM user can operate it without any hassle.

"It is very simple and easy. For buying a gold coin, it really saves your time and there is no need to go to the store to buy a simple gold coin. It's just on your finger tip, it is very easy," said Monica, a customer.

It gives a customer multiple options to pay the amount. The user can either pay by cash or by credit or debit card. One can get gold coins weighing from one gram to 20 grams at market rates. While delivering gold coins, the machine delivers you a certificate of purity and genuineness.

"We have all kinds of denomination which normally a consumer looks. Coins ranging from 1 gram to 20 grams are available at this ATM and prices are very competitive, pretty much in sync with what gold prices are right now," the Chief Operating Officer of BlueStone, Arvind Singhal, told ANI.

Company representatives are satisfied with the response and are hopeful that these machines can be set up in other cities, given the success of this experiment in Bengaluru. (ANI)

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