Turkish banks launch ATM gold sales in pilot program

A new initiative in Turkey is making physical gold more accessible by allowing purchases through select ATMs. Several banks have launched a pilot program enabling customers to buy gram gold directly from machines, offering a convenient option outside traditional banking hours. This move aims to simplify the process of acquiring physical gold, particularly during weekends and evenings when jewelers are closed.

To purchase gold, users can access the "Gold Transactions" menu on the ATM after logging in with their bank card, credit card, or QR code. They can then select their desired gram weight and complete the payment via their current account or credit card. The certified gram of gold, securely packaged, is then dispensed from the ATM's delivery slot.

The gold sold through these ATMs is reportedly produced by the Turkish Mint or authorized refineries. Each gold unit comes in secure packaging with a serial number and a verification barcode, ensuring authenticity and traceability. The pilot phase is currently active in select ATMs in major cities, with plans to expand the service to more locations based on customer demand.

This innovation is expected to benefit individuals who wish to invest in or purchase gold but face limitations due to banking hours or the availability of physical gold. By leveraging ATM technology, banks are providing a 24/7 access point for a popular investment and commodity.