Coin will not come out after putting note in coin vending machine, QR code will have to be used, know why?
[ad_1]
Mumbai : The Reserve Bank of India (RBI) has started the system of withdrawing coins from Coin Vending Machine (QCVM) like ATM machine in the country. For this, he is also running a pilot project in 12 cities of India. RBI has said on Wednesday that now the coin will not be able to be extracted by putting notes in the coin vending machine. For this, only UPI (Unified Payment Interface) based QR code will have to be used. Meanwhile, the question arises that why the coin will not come out after inserting the note in the coin vending machine.
Coin is being extracted by inserting fake note
According to media reports, RBI Deputy Governor T Ravi Shankar said that it has been decided to adopt the UPI (Unified Payment Interface) based option in view of cases of fake notes being inserted in coin vending machines. He said that the problem was that the money being put in these machines was found to be fake in many cases. That’s why it became an issue.
Coin will come out from QR code without putting money
Deputy Governor T Ravi Shankar said that in view of the issue of fake notes being inserted in coin vending machines, RBI has started considering options. Many people use mobile phones. Through that the QR code can be ‘scanned’, which can be linked to UPI. Through this, coins can be withdrawn from the vending machine without using physical money. He said that the machines have been developed in the country. The distribution of coins will improve in this new system.
Pilot project started in 12 cities
RBI will start a pilot project for QR code based coin dispenser in 12 cities. These vending machines will provide coins by deducting money from bank customers’ account using UPI. Coins are taken out by putting bank notes in the machines that are there now. Cash based conventional coin vending machine will not require physical insertion and verification of money. Initially the pilot project is planned to be launched at 19 locations in 12 cities. These machines will be installed at railway stations, shopping malls, markets.
[ad_2]
Source link
