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.