RBI has introduced a QR Coin vending machine, which will dispense coin after scanning the QR code and debiting the linked bank account using UPI. This new facility will be launched first in 12 selected cities. The QR Code-based Coin Vending Machine will be launched in collaboration with a few top banks (QCVM). These vending machines are intended for use in public areas such as train stations, shopping malls, and marketplaces to improve convenience and accessibility
The QR based Coin Vending Machine would not require banknote tendering or validation. Customers will also be able to withdraw coins from QCVMs in the required quantity and denominations. Also Read – How Can NRI Use UPI To Transfer Funds ?
How Does QR Coin Vending Machines work ?
- QE Based Coin Vending Machine will be installed at various locations
- Scan the QR code with UPI apps
- These vending machines will dispense coins against debit to the customer’s account
- Concerned bank account will be debited.
RBI feels that this will enhance the ease of accessibility to coins. The distribution and installation of the machine will be allotted to various banks.