Kozhikode: India's first QR code-based coin vending machine (QCVM) has been installed in the Federal Bank's Puthiyara branch in the Kozhikode district of Kerala.
This machine is set up in Kozhikode as a solution for those who want coins. Coins of Rs 1, 2, 5, and 10 are now available through this machine.
Even if digital payment facilities come, we need coins for some use. If you need coins, you can collect if from the coin vending machine as easily as taking money from the ATM.
You can scan the QR code from the QR code-based coin vending machine and get the coin very easily.
The process of taking coins from the machine is simpler than the ATM. So it can also be used by the common man.
What Is A QR Code-Based Vending Machine?
It is a cashless coin delivery system that allows customers to make UPI transactions by scanning the QR code on the machine on their mobile phone.
The QR code-based coin vending machine has been launched to help people solve the coin shortage. If you scan the QR code and make the required payment, the coins will be available through the machine.
Although there were traditional coin vending machines in the past, these only issued coins after accepting currency notes.
However, if the payment is made by scanning the QR code in the QR code-based coin vending machine without giving currency notes, the coin will be received.
RBI has decided to install QR code-based coin vending machines in 2023.
Now this became true by installing a coin vending machine at the Kozhikode Puthiyara branch of the Federal Bank.
How It Works
The machine is installed in the Fed Studio, which is located in front of the bank. Click on the required amount on the screen.
A QR code will be displayed on the next screen. Open the digital payment app that we have, and scan the QR code on the machine.
After the payment is completed, the money will be transferred to the machine. Payments can be made through any digital payment app, such as Google Pay, PhonePe, and Paytm.
Anyone can borrow money from the bank. At present, one rupee and two rupees have huge demand. Bus drivers and shopkeepers come here in large numbers. This is a big relief for students who are using concessions for bus fares.
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