- The BSP and its retail partners introduced Coin Deposit Machines (CoDM) to enhance coin circulation, enabling convenient deposits of unused coins at select mall locations.
- Six additional machines will be deployed in the Greater Manila Area, following the initial installation of four machines in partnership with SM Retail, Robinsons Supermarket, and Filinvest Lifemalls.
- The CoDM project allows customers to deposit coins, with the equivalent amount credited to their GCash electronic wallets or be redeemed as SM shopping vouchers.
In a bid to boost coin circulation nationwide, the Bangko Sentral ng Pilipinas (BSP) and its retail partners unveiled Coin Deposit Machines (CoDM) on June 20, 2023. The project seeks to prompt the public to conveniently deposit their unused coins at accessible and efficient exchange facilities located in select malls.
In partnership with SM Retail, Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation four machines are now accessible for depositors–two of those are in SM Mall of Asia (MOA) in Pasay, one in Robinsons Place Ermita in Manila, and one in Festival Supermall in Muntinlupa.
The central bank announced plans to deploy additional six machines in specific locations within the Greater Manila Area in the coming days.
From June to August, the BSP stated that the remaining 15 machines will be installed in various establishments—the availability of the CoDMs will be announced through the central bank’s official website and social media channels.
According to the central bank, the CoDM project allows customers to conveniently deposit legal tender coins through the machines–the equivalent amount will be directly credited to their GCash electronic wallets. Depositors in SM MOA and Festival Mall also have the option to redeem the value of their coins in the form of SM shopping vouchers for over-the-counter transactions.
The BSP assured that there will be no transaction fee for crediting to an e-wallet or converting to a shopping voucher.
On the other hand, deposited fit coins will be provided to partner retailers to meet their coin demands for in-person payment transactions.
“Through the CoDM project, the BSP aims to address the artificial coin shortage in certain areas of the country and help ensure that only fit and legal tender currency is readily available for public use,” the BSP wrote in a statement.
The central bank noted that with the option of crediting the deposited coins to an e-wallet, the project also promotes the use of digital payments as well as drive their mission for financial inclusion.
For the first phase of the project’s implementation, there will be a total of 25 CoDMs in select retail establishments. One year after the launch, the BSP will evaluate the project to assess its feasibility for expansion to other regions and to determine if additional machines are needed to accommodate a larger number of depositors and idle coins.
Electronic Money Issuer (EMI) partner
For its initial run, the only electronic money issuer (EMI) partner of the project is the mobile e-wallet GCash, currently with 77 million users as of March 2023.
To receive the deposited amount on the customer’s account, the mobile number or e-wallet account number will need to be keyed into the CoDM to facilitate the transaction.
The central bank said that to credit funds to GCash, a minimum amount of ₱1.00 is required, while the maximum amount depends on the depositor’s GCash wallet limit.
In a statement, the BSP disclosed that they are likewise working with Maya, another e-wallet, to onboard them to the project and provide more options to the public.
This article is published on BitPinas: BSP, Partner Retailers Launch Coin Deposit Machine
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