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Source: The post is based on the article “RBI announces pilot for QR code-based Coin Vending Machine” published in Economic Times on 10th February 2023
What is the News?
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.
What is a QR code-based Coin Vending Machine(QCVM)?
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 standard cash-based Coin Vending Machines, the QCVM would not require actual tendering of banknotes or their validation.
Customers will also be able to withdraw coins in the required number and denominations from QCVMs.
Where will QCVM be launched?
The trial project will begin with 19 locations in 12 cities across the country. These vending machines are designed to be deployed in public spaces such as railway stations, shopping malls, and marketplaces to improve convenience and accessibility.
Based on the results of the pilot tests, banks will be given guidance to promote improved coin distribution using QCVMs.