RBI to Launch QR Code based Coin Vending Machine to Enhance Ease of Access to Coins
The Reserve Bank of India (RBI) has announced plans to launch Quick Response (QR) code-based coin vending machines to improve access to coins for the public. This initiative is aimed at making the process of obtaining coins more convenient and efficient. The QR code-based machines will allow people to easily access coins by scanning a code and making a digital payment. This is expected to improve the circulation of coins in the economy and reduce the shortage of coins in certain areas.
Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is the central banking institution of India and acts as the regulator of the country’s monetary policy. It is responsible for issuing and controlling the supply of currency, including coins, in circulation. The RBI also plays a major role in maintaining stability of the financial system and ensuring orderly growth of the economy
Coin vending machine
A coin vending machine is a machine that dispenses coins to customers in exchange for payment. The payment can be made using various methods such as cash, credit/debit cards, or mobile payments. Coin vending machines are commonly found in public places such as airports, shopping malls, and transportation hubs, and are often used for dispensing change or for purchasing small items such as snacks and drinks. The recent introduction of QR code-based coin vending machines by the Reserve Bank of India (RBI) is aimed at improving access to coins and reducing coin shortage in the country.
Digital payment
Digital payment refers to the process of making financial transactions using electronic means, such as mobile phones, computers, or electronic payment terminals. Digital payments eliminate the need for physical cash or checks and are considered more convenient, secure, and efficient compared to traditional payment methods. Examples of digital payments include online bank transfers, mobile payments, digital wallets, and contactless card payments. With the growth of e-commerce and the increasing use of digital devices, digital payments have become increasingly popular worldwide.
Shortage of coins
A shortage of coins refers to a situation where there is a limited availability of coins in circulation, making it difficult for people to obtain the coins they need for transactions. This can occur for various reasons, such as a lack of coin production, insufficient distribution of coins, or an increase in demand for coins. A shortage of coins can cause inconvenience for consumers and businesses, leading to difficulties in making small transactions and leading to the use of alternative means of payment. To address the shortage of coins, central banks, such as the Reserve Bank of India (RBI), can take measures such as increasing coin production and distribution, or introducing alternative means of payment, such as digital payments.
QR code based coin
A QR code-based coin vending machine is a type of coin dispensing machine that uses QR codes for transactions. Customers can scan a QR code displayed on the machine with their smartphone, and make a digital payment to obtain coins. This eliminates the need for physical cash or coins, making the process of obtaining coins more convenient and efficient. The Reserve Bank of India (RBI) has recently announced plans to launch QR code-based coin vending machines to improve access to coins and reduce coin shortage in the country.
