RBI has announced its new innovative initiative to improve the distribution of coins among the general public and is preparing a pilot project on QR code-based Coin Vending Machine (QCVM) in collaboration with leading banks. Considering the low availability of coins in the country, if successful the project would be a great relief to the common man.
Further, the Governor also highlighted that the QCVM will be a cashless coin dispensation machine that would dispense coins against debit to the customer’s bank account using the Unified Payments Interface (UPI). Moreover, the project is currently being planned to be 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,” said RBI Governor Shaktikanta Das. Customers will also have the option to withdraw coins in the required quantity and denominations from QCVMs, according to the RBI.
For Indians, vending machines are not a brand-new concept; a sizable portion of the public is familiar with them as ATMs (Automated Teller Machines) or vending machines that give out cash. However, with the advancement of digital payments and the revolutionary BHIM UPI technology, ATMs are experiencing a lower footfall and a decline in usage.
Vending machines are used in several nations, with Japan taking the top rank for having the most of them. According to a study report released by Spherical Insights & Consulting, the global industrial vending machine market size was estimated at USD 2.50 billion in 2021, and is anticipated to reach USD 5.94 billion by 2030.
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