Coming soon QR code-based coin vending machines: Here’s what we know

RBI has announced a pilot project in 12 cities to enhance the ease of access to coins

Representational image
Representational image

NH Economic Bureau

Reserve Bank of India (RBI) Governor Shaktikanta Das announced today that the central bank will launch QR code-based coin vending machines as part of a trial project.

The Governor stated that these devices will be introduced in an effort to increase coin distribution and accessibility. In lieu of banknotes, vending machines will issue coins against debit to the customer's account via UPI. He made this announcement while addressing the outcome of the Monetary Policy outcome.

“The Reserve Bank of India will launch a pilot project on QR Code based Coin Vending Machine (QCVM) 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. Based on the learnings from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines,” he said.

Governor Das also claimed that UPI has become the nation's most popular retail digital payment system. The RBI will now consider allowing all foreign visitors to India to utilise UPI for merchant payments while in the country. This facility will initially be available to G-20 travellers arriving at chosen international airports.

“The new QR-code based pilot will offer ease and ready access to coins for customers via UPI facility. With the initial launch across 12 cities in India, this move by the RBI is a strategic decision which will benefit the Indian payments landscape," Rajsri Rengan, Head of Banking and Payments, India and Philippines, FIS said in a reaction.

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