QR-Code Based Coin Vending Machine : RBI
RBI recently announced its plan to launch a pilot project to assess the functioning of QR-code based coin vending machines (QCVM).
- QCVM is a cashless coin dispensation machine that would dispense coins with the requisite amount being debited from the customer’s account using United Payments Interface (UPI).
- It will eliminate the need for physical tendering of banknotes and their authentication.
- It will be launched with an aim to promote the distribution of coins and enhance the accessibility to coins.
- Customers will also have the option to withdraw coins in required quantity and denominations in QCVMs.
- The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country.
- These vending machines are intended to be installed at public places such as railway stations, shopping malls, and marketplaces to enhance ease and accessibility.