Government
India moves forward with QR code vending machines to offer coins
May 31, 2023
The Reserve Bank of India recently expanded on previously announced plans to introduce QR code-based vending machines to dispense coins to residents. The purpose, according to RBI governor Shaktikanta Das, is to make coins more accessible, according to an Economic Times report.
The central bank in its annual report said it has launched a pilot project in collaboration with five banks (Axis Bank, Bank of Baroda, ICICI Bank, State Bank of India and Federal Bank) to introduce machines at 19 locations in 12 cities.
The cashless coin dispensation system allows payment transactions through the country's Unified Payments Interface, a payment system which facilitates interbank, peer-to-peer and person-to-merchant transactions to dispense coins against debit to the user's account. The user scans a QR code generated by the machine to dispense coins.
Customers will be able to withdraw coins from the machines in the desired number and denominations.
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