• UGI USER
  • Mar 02, 2023
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QR-Code Based Coin Vending Machine : RBI

News: Recently, RBI disclosed its intention to begin a pilot project to evaluate the performance of coin-operated devices using QR codes (QCVM).

 

  • A cashless coin dispenser called a QCVM would dispense coins after deducting the necessary sum from the user’s account via United Payments Interface (UPI).
  • It will do away with the requirement for authenticating and physically presenting banknotes.
  • It will be introduced with the intention of promoting currency distribution and improving coin accessibility.
  • Consumers will also be able to withdraw coins from QCVMs in the necessary quantities and denominations.
  • The trial project will first be implemented at 19 sites in 12 cities across the nation.

To improve convenience and accessibility, these vending machines are designed to be placed in public areas like train stations, malls, and markets.