comscore
23 Feb, 2024 | Friday
Trending : LaptopsAppsAutomobileHow ToOPPO India

Out of cash? RBI to set up QR code-based coin vending machines soon

RBI said it will soon start a pilot project to install QR-based coin vending machines in at least 12 cities across India.

Edited By: Shubham Verma

Published: Feb 08, 2023, 03:49 PM IST | Updated: Feb 08, 2023, 04:04 PM IST

coins
coins

Story Highlights

  • RBI Governor Shaktikant Das said the central bank will soon set up coin vending machines.
  • These machines will be QR based and are called QVCMs.
  • The QVCMs will be installed at 19 locations across 12 cities.

While digital payments have made our lives easier by minimising our dependence, it has created a habit of not carrying cash. That can sometimes be inconvenient, especially when you have either made a purchase or consumed at a roadside stall that does not accept online payments. The Reserve Bank of India is planning to help you in situations like this with new coin vending machines.

RBI Governor Shaktikanta Das on Wednesday said that the central bank will soon start a pilot project to install QR-based coin vending machines in at least 12 cities across India. A customer can scan the QR code to receive coins worth a certain amount that will be debited from the linked bank account. The vending machines will use the Unified Payments Interface (UPI) to dispense coins from the bank account, increasing their accessibility.

“Unlike cash-based traditional Coin Vending Machine, the QCVM would eliminate the need for physical tendering of banknotes and their authentication,” said an RBI circular.

Coin vending machines in 12 cities initially

Das said the plan is to roll out the pilot project initially at 19 locations in 12 unmentioned cities. The vending machines will be installed at public places such as railway stations, shopping malls, and marketplaces “to enhance ease and accessibility.” The central bank will collect feedback and based on its learnings from the pilot project, it will issue guidelines to banks to promote better distribution of coins through the vending machines (QCVMs).

The Reserve Bank of India has also proposed to allow inbound travellers to India to use UPI services for paying merchants in the country. “To start with, this facility will be extended to travellers from G-20 countries arriving at select international airports,” Das said. Later, the facility will be made available at all other “entry points” in India.

“Unified Payments Interface (UPI) has become a ubiquitous payment instrument for retail electronic payments in India. An enhancement has recently been made to provide UPI access to non-resident Indians who have international mobile numbers linked to their NRE / NRO accounts,” said Das.

Get latest Tech and Auto news from Techlusive on our WhatsApp Channel, Facebook, X (Twitter), Instagram and YouTube.

Author Name | Shubham Verma

STAY UPDATED WITH OUR NEWSLETTER

Select Language