BSP relaunching coin deposit machines in SM malls

The Bangko Sentral ng Pilipinas (BSP) is set to reintroduce coin deposit machines in Cebu, with a nationwide rollout planned for January 2023, according to Deputy Governor Bernadette Romulo-Puyat. The launch, which could take place on November 17, will be supported by dedicated maintenance personnel to ensure the machines operate smoothly.

The coin deposit machines allow citizens to deposit loose change and receive e-wallet credits or shopping vouchers in return, thereby bringing idle coins back into circulation. Initially targeting 50 machines nationwide by next January, the BSP plans to deploy 25 units in the greater Manila area and another 25 across the country, particularly in Pampanga, Baguio, Cebu, and Davao.

In partnership with SM, the BSP aims to reduce the operational costs of the machines. SM will handle coin retrieval and verification, areas previously managed by the central bank. The relaunch of the machines is part of the BSP's broader strategy to expand financial service access and promote the use of digital payments. Over 1,000 local government units have adopted QR payments, enabling customers to pay market vendors by scanning a code using a compatible banking or e-wallet app.

However, connectivity issues persist as an obstacle for market vendors and their customers. The BSP has already received around 120,000 consumer complaints this year, matching last year's total, with account management concerns being the leading category. Despite the availability of digital channels, some consumers still prefer visiting branches for assistance.