QR
CODE BASED COIN VENDING - ECONOMY
News: RBI announces pilot for QR
code-based Coin Vending Machine
What's
in the news?
●
To
improve the distribution of coins among members of the public, the Reserve Bank of India (RBI) is
preparing a pilot project on QR code-based Coin Vending Machine (QCVM) in
collaboration with a few leading banks.
QR
code-based Coin Vending Machine (QCVM):
●
It is a cashless coin dispensation machine which would dispense coins
against a debit to the customer’s bank account using Unified Payments Interface (UPI).
Nodal
Agency: Reserve Bank of India (RBI).
Locations:
●
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,
marketplaces to enhance ease and accessibility.
Significance:
●
Unlike a cash-based traditional Coin
Vending Machine, the QCVM would eliminate
the need for physical tendering of banknotes and their authentication.
●
Customers will also have the option to
withdraw coins in the required quantity
and denominations in QCVMs.