Shaktikanta Das announced the installation of QR code-based coin vending machines in 12 cities at the most recent RBI MPC meeting. According to the RBI governor, this will make it easier to retrieve coins and distribute them using machines.
Automated devices known as coin vending machines deliver coins in exchange for bank notes.
The RBI governor stated that instead of physically presenting banknotes, “These vending machines would issue coins against debit to the customer’s account utilizing UPI”. This will make coins more easily accessible. Guidelines will be given to banks to encourage the distribution of coinage via these devices based on the lessons learned during the experiment.
What is QR Code-based Coin Vending Machine (QCVM)
We created a coin-dispensing machine that uses QR Codes in association with many prestigious banks (QCVM). The QCVM is a cashless coin machine that gives coins in return for a debit to the customer’s bank account using the Unified Payments Interface (UPI).
How it QR Code-based Coin Vending Machine (QCVM) works
The QCVM would not require real banknote tendering or certification, unlike traditional cash-based Coin Vending Machines. Additionally, customers will be able to take out coins from QCVMs in the necessary quantity and denomination.
Where will these be QCVM launched
The experimental project will launch in 12 cities throughout the nation at 19 venues. To increase convenience and accessibility, these vending machines are made to be placed in public areas like train stations, malls, and markets.
Banks will receive instructions on how to promote enhanced coin distribution using QCVMs based on the findings of the pilot testing.
A fintech company Rajsri Rengan, Head of Banking and Payments for India and the Philippines, stated, “The new QR-code-based trial will provide clients with simple and quick access to coins via UPI service. This action by the RBI is a strategic one that would improve the Indian payments scene with the initial rollout in 12 locations in India.