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QR Code-based Coin Vending Machine

News: The Reserve Bank of India introduced the device. During its most recent MPC meeting, the apex bank decided to launch the machine. As the number of counterfeit cash notes in coin vending machines rises, the QR code is being adopted.

• In the first phase, the machine will be introduced in 12 cities.
• To provide coinage, these devices will use UPI-based code systems. In the past, the machines physically presented the banknotes.

What is a coin-operated vending machine with a QR code?

• Here, the consumer is not required to utilise cash. Instead, he will obtain currency using a pin or his bank account password. The vending machine checks with his bank account as soon as he enters the pin or password and immediately issues coins from that account. Before, the consumer had to insert cash notes to receive coins.

Need for the machine:

• To improve coin availability in the nation and to spread coins more widely throughout the nation
• To solve the problem: Despite the country’s large currency supply and uneven distribution
• There will be 19 of these new coin-operated vending machines spread throughout 12 cities. They should be put in public areas like shopping centres, train stations, and other locations where people may easily use them.