A QR code is a barcode that can be read by a phone’s camera. It’s similar to a standard barcode, but it has a unique structure that makes it easier for a phone to read. It is often used to store contact information or to link to web pages. It is often used to create a quick and easy way for customers to pay for goods and services.
What is a vending machine?
A vending machine is a machine that dispenses goods to customers. These machines typically dispense a set amount of a particular type of product every time a coin or token is inserted.
UPI QR Code Based Vending Machine
RBI has recently announced a pilot project to launch UPI based coin vending machines. RBI Governor Shaktikanta Das has made the announcement in the recent Monetary Policy Statement. As per the pilot project, it is expected to be launched in 19 locations from 12 cities.
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A normal coin vending machine provides coins against currency notes. However, QR code-based Coin Vending Machine (QCVM) will eliminate the requirement of physical notes to withdraw coins. This will instead use QR Code base UPI transactions, where users will have to scan the QR code and pay through mobile applications.
This project will focus on the easy distribution of coins and a wide range of access to coins through the UPI facility.