RBI Policy: QR Code-based Coin Vending Machine pilot on cards, to be launched in 12 cities

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The Reserve Bank of India (RBI) Governor Shaktikanta Das on February 8 said a pilot project on QR Code based Coin Vending Machine (QCVM) will be launched in 12 cities.

“These vending machines will dispense coins against debit to the customer’s account using UPI, instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins,” Das said in his monetary policy speech.

Based on the learnings from the pilot, Das informed, the guidelines will be issued to banks to promote distribution of coins using these machines.

What are these QR-Code based vending machines?

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), RBI informed in its statement on developmental and regulatory policies on February 8.

"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 required quantity and denominations in QCVMs," the statement showed.

The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country, the statement showed, and these vending machines are intended to be installed at public places such as railway stations, shopping malls, marketplaces to enhance ease and accessibility.