RBI Plans To Launch QR Code-Based Coin Vending Machines

The RBI Governor Das said that the QR-based coin vending machines will be launched to promote the distribution of coins and increase the accessibility to coins.

The Reserve Bank of India will start a pilot programme for coin vending machines that use QR codes. Shaktikanta Das, governor of the RBI, made the declaration at the opening remarks of the Monetary Policy Committee meeting on Wednesday.

The Governor stated that the goal of the deployment of these machines is to encourage currency distribution and improve coin accessibility. 

Instead of physically tendering banknotes, the vending machines will issue coins in exchange for a debit to the customer’s account utilizing UPI.

In 12 cities, the Reserve Bank of India will roll out a test programme for coin vending machines based on QR codes. 

Instead of physically accepting banknotes as payment, these vending machines will disburse coins against a debit to the customer’s account utilizing UPI. This will make coins more easily accessible. 

“Guidelines will be published to banks to promote coin distribution via these machines based on the lessons learned from the trial programme,” stated Governor Das.

He added that UPI has grown to be the most widely used retail digital payment method in the nation. 

The RBI is now considering allowing all foreign visitors to India to make merchant payments via UPI while they are there. 

Travelers from the G-20 nations will start using this service when they arrive at specific international airports.

The RBI Governor also said that the Indian economy has recovered stronger than previously after surviving numerous significant shocks over the past three years. 

India is well-equipped to handle upcoming challenges thanks to its natural strength, a supportive political environment, and solid macroeconomic foundations and buffers. 

“I am reminded of Netaji Subhas Chandra Bose’s advice to “never lose faith in the destiny of India” in this situation, the Governor added.

All foreign visitors will be able to make merchant payments while they are in India using the Unified Payments Interface (UPI), according to the Reserve Bank of India. 

According to RBI Governor Shaktikanta Das, the service will be made available to travelers from G20 nations arriving at specific international airports first.