In the statement on Developmental and Regulatory Policies dated February 8, 2023, the Reserve Bank of India (RBI) announced today that the central bank will start a pilot project to launch QR code based coin vending machines.
Unlike cash-based traditional Coin Vending Machines, the QCVM is a coin dispensation machine that would eliminate the need for physical tendering of banknotes and their authentication. The vending machines will dispense coins against debit to customers’ accounts using UPI instead of physical tendering of banknotes. Further, the customers will also have the option to withdraw coins in the required quantity and denominations in QCVMs’.
‘To improve the distribution of coins among members of the public, the Reserve Bank of India is preparing a pilot project on QR Code based Coin Vending Machine (QCVM) in collaboration with a few leading banks. The QCVM is a cashless coin dispensation machine that would dispense coins against debit to the customer’s bank account using Unified Payments Interface (UPI)’, the statement said.
According to the statement, the pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country. These vending machines are intended to be installed at public places such as railway stations, shopping malls, and 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.