RBI to Introduce QR Code-Based Coin Vending Machines

The Reserve Bank of India (RBI) governor Shri Shaktikanta Das on February 8, 2023 said that the apex bank will start a pilot project to launch QR code-based coin vending machines (QCVM) in a bid to enhance ease of access to coins.

The pilot will begin in 12 cities. "This will enhance the ease of accessibility to coins. Based on the learnings from the pilot, guidelines will be issued to banks to promote the distribution of coins using these machines," the governor said. 

Rajsri Rengan, Head of Banking and Payments, India and Philippines, FIS, said that the QR code-based pilot will have ready access to coins for customers via UPI facility and the move by the RBI “is a strategic decision which will benefit the Indian payments landscape."

It's a welcome move which will benefit the circulation of new coins with ease as well as the collector's community.

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