RBI to launch QR code-based coin vending machines

The Governor made the announcement during a RBI Monetary Policy Committee meeting where the repo rate was hiked by 25 basis points to 6.5 per cent.

Hyderabad: Although the country is rapidly adapting online transactions, ATMs still play a vital role. And with the announcement Reserve Bank of India (RBI) Governor Shaktikanta Das made on Wednesday, we will soon have QR code-based vending machines that will dispense coins.

The QR code vending machines (QCVM) will be installed in 12 Indian cities which will dispense currency using a Unified Payments Interface (UPI) instead of physical tendering of the bank notes. Users will also be able to withdraw coins in the required quantity and denominations in the QCVMs.

“This will enhance the ease of accessibility to coins. Based on the learnings from the pilot, guidelines will be issued to the banks to promote the distributions of coins using these machines,” said the RBI Governor, in a statement released by ANI.

He also informed that RBI is looking to permit all travellers from other countries to use UPI for their merchant payments while they are here. This facility will begin with travellers from the G-20 countries arriving at selected international airports.

The Governor made the announcement during a RBI Monetary Policy Committee meeting where the repo rate was hiked by 25 basis points to 6.5 per cent.