RBI To Launch QR Code-Based Coin Vending Machine

The Reserve Bank of India (RBI) will launch a pilot project for QR code-based coin vending machines. During the Monetary Policy Committee meeting announcements on Wednesday, February 8, 2023, RBI Governor Shaktikanta Das stated that the RBI will launch the QR code-based coin vending machine to improve the ease of access to coins. The RBI Governor stated that the pilot initiative will be implemented in 12 cities, which will benefit tier 2 and beyond cities with a minimal banking footprint.

According to the RBI Document release, "To improve 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 which would dispense coins against a debit to the customer's bank account using Unified Payments Interface (UPI)."

The RBI Document added, 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 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, 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," accoring to the RBI document.