RBI launches QR-code based Vending Machine (QCVM)

 

RBI Governor Shaktikanta Das on Wednesday announced a pilot project on QR code-based Coin Vending Machine (QCVM) in collaboration with other banks.

 

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The pilot project is planned to be initially launched in 19 locations around 12 cities. As these machines with QR codes will help in Debiting from the customer’s account using Unified Payment System (UPI) instead of a Physical banknote. This project will help in the uniform distribution of coins in public and also ease the accessibility of coins around the country. These QR code-based Coin Vending Machines (QCVMs) are intended to be installed at public places such as Railway Stations, Shopping malls and Marketplaces to ease the accessibility of coins of any denomination.