QR code-based Coin Vending Machine (QCVM)

QR code-based Coin Vending Machine (QCVM)

Subject: Economy

Section : Monetary Policy

Concept:

• The apex bank finalized its decision of launching the machine during its recently held MPC meeting. The QR code is being introduced as fake currency notes are increasing in coin vending machines.
• These machines will use UPI-based code systems to provide coins. Earlier the machines tendered the bank notes physically.

QR code-based coin vending machine

• Here the consumer need not use currency notes. Rather he shall use his bank account password or a pin to get coins.
• As he enters the pin or password, the vending machine verifies with his bank account and issues coins from his bank account directly.
• Earlier, the consumer had to drop in currency notes to get coins.

Need for the machine

• To increase the accessibility of coins in the country and also to increase the distribution of coins in the country
• To address the issue: The supply of coins in the country is very high, but distribution is not even.

Where will the new vending machines be available?

• These new coin vending machines are to be placed in 19 locations across 12 cities.
• They are to be placed in shopping malls, railway stations, and in other public places where people can access them easily.