The RBI announced a pilot programme for coin vending machines that use QR codes

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 to improve coin distribution among members of the public.

Coin Vending Machine with QR Code (QCVM)

  • The QCVM is a cashless coin dispenser that dispenses coins in exchange for a debit to the customer’s bank account via the Unified Payments Interface (UPI).
  • Unlike traditional cash-based Coin Vending Machines, the QCVM would not require physical tendering of banknotes or their authentication.
  • Customers will also be able to withdraw coins in the required denominations and quantities from QCVMs.

When will it be released?

  • The pilot project will initially be implemented in 19 locations across the country in 12 cities.
  • Machines will be installed in public areas such as train stations, shopping malls, and marketplaces to improve convenience and accessibility.
  • Based on the findings of the pilot tests, banks will be given guidelines to promote better coin distribution using QCVMs.
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