QR-Code based Coin Vending Machine (QCVM)

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Overview:

RBI recently announced its plan to launch a pilot project to assess the functioning of QR-code based coin vending machines (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.

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