QR-Based Coin Vending Machines

QR-Based Coin Vending Machines


Federal Bank has setup India’s first QR-based coin vending machine. It is now fully functional and ready to serve the public. This innovative machine was formally inaugurated at the Federal Bank, Puthiyara Branch, Kozhikode, Kerala.

Importance of Coin Vending Machines

Coins are an essential part of the currency in circulation, necessary for daily transactions. However, the shortage of coins often causes inconvenience for customers and businesses, leading to delays and dissatisfaction at payment counters. Traditional coin vending machines have been deployed to address this issue, but they come with several limitations:

  • They accept banknotes and dispense coins in pre-set numbers, offering no flexibility to the customer.
  • Day-end accounting and reconciliation of deposited banknotes have made these machines less efficient over time.

To overcome these challenges, the Reserve Bank of India (RBI), in association with M/s Masterwork Automodules, has launched a pilot project for QR-based coin vending machines. We are proud to be the first bank to go live with this project.

Features of the QR-Based Coin Vending Machine

  • Enhanced Coin Distribution: Addresses the issue of coin distribution to retailers and the general public.
  • Digital Transactions: Coins are provided to any Bank customers against digital transactions (UPI) through the QR-based Coin Vending Machine.
  • Multiple Denominations: Dispenses multiple coin denominations, ensuring ease of access for various transaction needs.
  • User-Friendly Interface: Designed with a simple and intuitive touch screen interface, making the process quick and hassle-free.
  • 24/7 Availability: Ensures convenience for users at any time of day.