QR-Code based Coin Vending Machine (QCVM)

About QR-Code based Coin Vending Machine (QCVM):

• QCVM is a cashless coin dispensation machine that would dispense coins with the requisite amount being debited from the customer’s account using United Payments Interface (UPI).
• It will eliminate the need for physical tendering of banknotes and their authentication.
• It will be launched with an aim to promote the distribution of coins and enhance the accessibility to coins.
• 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, and marketplaces to enhance ease and accessibility.

 

---

Q1) What is United Payments Interface (UPI)?

A Unified Payment Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI). It eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction.

Source: Windsor Framework: What is the deal UK and EU have reached to solve the Northern Ireland Protocol tangle