RBI announces pilot for QR code-based Coin Vending Machine: The governor of the RBI, Shaktikanta Das, indicated that a pilot programme to introduce coin-operated vending machines that employ QR codes will start soon. In response to the outcome of the monetary policy for the year 2023, the Central Bank Governor announced that the RBI will introduce a coin vending machine that uses a QR code to improve accessibility to coins.
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More About The QR code-based Coin Vending Machine:
The pilot project will first be implemented 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. Based on the learnings from the pilot tests, guidelines would be issued to banks to promote better distribution of coins using QCVMs.
Need of The QR code-based Coin Vending Machine:
These vending machines will dispense coins against a debit to the customer’s account using UPI instead of physical tendering of banknotes. This will make coins more easily accessible. This will be beneficial, especially for places in tiers two and higher where there are fewer banks. According to the RBI document, the QR Code-Based Vending Machine will do away with the necessity for actual tendering of banknotes and their authentication. This is in contrast to traditional cash-based coin vending machines. Customers will also be able to withdraw coins from QCVMs in the necessary quantities and denominations.