Coin Vending Machines:
#GS III #Indian Economy
Topic Indian Economy:
∙In a recent speech to the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das said that the bank’s top regulator will begin a pilot project with banks to evaluate the effectiveness of a coin-dispensing machine based on QR codes.
∙Simply described, the vending machines would instead issue coins with the necessary amount being debited from the customer’s account via United Payments Interface rather than visibly displaying banknotes (UPI). Clients could opt to take out coins in the required quantities and denominations. The main goal in this case is to make cash more accessible.
∙The new vending machine’s features include:
∙In the initial phase, the equipment will be made accessible in 12 cities.
∙To provide currencies, these devices will use UPI-based code systems. The devices had previously physically shown the bills.
What is a vending machine with a QR code that accepts coins?
∙Because of this, the customer is not required to use cash. To obtain cash, he will instead utilise a pin or his bank account password. The vending machine instantly issues coins from his bank account after he enters the pin or password, after which it checks his bank account. Formerly, the consumer had to insert currency notes to get coins.
∙These new coin-operated vending machines will be dispersed throughout 12 cities and total 19.
They should be positioned in public places like shopping malls, train stations, and other locations
where people may easily use them.