Gold vending ATMs may become a reality in India

Sunday, 17 October 2010 23:14 - - {{hitsCtrl.values.hits}}

NEW DELHI: Indians might soon get a chance to buy gold from ATMs, as Germany’s Ex Oriente Lux AG is in talks with Indian entities for setting up gold dispensing automated machines in India.

Ex Oriente Lux AG, which also operates an online shop for the yellow metal, is the maker of gold vending machines. A company official said that talks are going on with interested entities in India to set up gold dispensing ATMs in the country.

“We are currently in talks with many interested parties from all over the world, also from India... the door is still open for further applications,” the Ex Oriente Lux AG’s Director (PR & Marketing) Joe Dreixler told PTI from Germany.

However, the official did not provide details about the ongoing talks. The Gold ATM , known as ‘Gold to go’, made its debut in Abu Dhabi earlier this year.

It can issue up to ten different products and their real time prices are updated every ten minutes, according to the company’s website. Other features include the option to see a selected product before making the purchase decision.

Currently, such ATMs are there in four countries, the UAE (Abu Dhabi), Germany , Italy and Spain. Most of these machines are located in Germany. “At this stage, we have nine machines on air (in use). Further, locations to be opened soon,” Dreixler said.