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.
Source: https://timesofindia.indiatimes.com/gadgets-news/rbi-to-launch-pilot-project-for-coin-vending-machines-using-upi-in-12-cities/articleshow/97734034.cms