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)
- The QCVM is a cashless coin dispensation machine which would dispense coins against a debit to the customer’s bank account using Unified Payments Interface (UPI).
- Unlike 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.
When will it be launched?
- The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country.
- Machines will 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.
