RBI’s Initiative to Promote Digital Transactions: The Launch of QR Code-Based Coin Vending Machine Pilot Project

The Reserve Bank of India (RBI) has announced plans to launch a pilot project for QR code-based coin vending machines in 12 cities across the country.

This project aims to address the issue of accessibility to coins by enabling customers to dispense coins against debit to their account through the use of the Unified Payments Interface (UPI). This move marks a shift from the traditional method of physical tendering of banknotes.

The governor of the RBI, Shaktikanta Das, said while addressing the outcome of the Monetary Policy outcome for the calendar year 2023, that the pilot project is an attempt to enhance the ease of accessibility to coins, and the learnings from the pilot will be used to develop guidelines for the distribution of coins through these machines.

This initiative is in line with the central bank’s ongoing efforts to promote digital transactions and create a cashless society in India.

The implementation of QR code-based coin vending machines has the potential to revolutionize the way coins are distributed in the country. It will not only make coins more accessible but also improve the efficiency and speed of transactions.

This pilot project is an important step towards the development of an integrated digital payments ecosystem in India. The launch of the QR code-based coin vending machine pilot project is a positive step towards promoting digital transactions and enhancing the accessibility of coins in India.

The RBI’s efforts to promote digital payments and create a cashless society will go a long way in driving economic growth and financial inclusion in the country.