india

ATM that dispenses gold coin opened

Fullmoon Exports has launched “Gold on the Go”, a gold coin ATM, here.

According to LS Srinivasan, partner at Fullmoon Exports, the ATM counter will dispense gold coins in four denominations – one gram, two grams, four grams, and eight grams. Customers can pay by cash or any of the UPI options.

The company had developed the ATM at a cost of ₹20 lakh and plans to instal 10 to 20 in the city. “We also plan to give franchise to those interested in setting up the ATMs,” he said. The company is looking installing the machines across the country and at scaling up sales to 50 grams a day.

“With spread of COVID-19, customers are reluctant to visit shops. The ATMs are a safe option to buy gold coins,” he said.

The coins have BIS mark and a QR code that can be scanned to get details of the coin manufacturers. The machine too has several security features, he said.

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