QR Based Vending Machine: RBI is bringing new technology in the country, now coins will be issued through QR code

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QR Based Vending Machine: Every day some new technology comes in the country and the world. With this, the work of making life easier is also done. At the same time, the Reserve Bank of India has made such an announcement, from which people are going to get a lot of benefit.

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Actually, Reserve Bank of India will start a pilot project on QR code based coin vending machine. RBI Governor Shaktikanta Das made this announcement during the announcements of the RBI Monetary Policy meeting on Wednesday.

Access to coins

Governor Shaktikanta Das said that these machines will be launched with the aim of promoting the distribution of coins and increasing the reach of coins. Under this, after installation of vending machines, QR Code will have to be used in place of ATM card, from which coins can be withdrawn.

Coin Vending Machine

Governor Das said, “The Reserve Bank of India will start a pilot project on QR Code based Coin Vending Machine (QCVM) in 12 cities. These vending machines will dispense coins by debiting the customer’s account using UPI instead of physical tendering of bank notes. This will ease the availability of coins. Directions will be issued to banks to promote distribution of coins using these machines.

Popular retail digital payment system

He also said that UPI has become the most popular retail digital payment system in the country. RBI will now consider allowing all travelers coming to India to use UPI for merchant payments during their stay in the country. This facility will start with passengers from G-20 countries arriving at select international airports. The RBI governor also said that the Indian economy has successfully weathered several major shocks in the last three years and has emerged stronger than before.

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