The Reserve Bank of India (RBI) is taking a major step towards promoting digital transactions in India by launching a pilot project for QR code-based coin vending machines (QCVM) in 12 cities across the country. This innovative technology aims to make access to coins easier and promote cashless transactions, thereby removing the need for physical tendering of banknotes and their authentication. This project, if successful, will bring about a major change in the way the Indian citizens transact, and will be a step towards a cashless and digital economy.
Easing Access to Coins with QCVM
One of the major challenges faced by the Indian citizens is the difficulty in accessing coins, especially in smaller denominations. The RBI has recognized this issue and is taking measures to resolve it by launching the QR code-based coin vending machines. The QCVM will be installed in public areas such as railway stations, shopping malls, marketplaces, etc., to increase their accessibility. This will ensure that citizens have access to coins whenever they need them and will also remove the need for physical tendering of banknotes.
The Working of QR Code-Based Coin Vending Machines
The working of QR code-based coin vending machines is simple and convenient. Customers can get coins by simply scanning a QR code through their debit account connected to the Unified Payments Interface (UPI) instead of physically giving banknotes. This will not only make the process of getting coins easier but will also promote cashless transactions.
Guidelines for Banks based on the Pilot Project
The banks will be given guidelines on QR code-based coin vending machines based on the results of the pilot project. The RBI will closely monitor the implementation of the project and will provide feedback to the banks based on the results. This will ensure that the implementation of the project is done smoothly and efficiently, and that it meets the needs of the Indian citizens.