Got many coins? BSP installs more coin deposit machines
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has installed two more coin deposit machines (CoDMs) around the Greater Manila Area to better assist individuals exchange their loose change for e-wallet credits and/or shopping vouchers.
The newest CoDMs are located in Caloocan's SM City Grand Central and Bulacan's SM City Marilao, bringing the machine location count to 13.
CoDMs are a project of the BSP in partnership with some retail establishments to promote the country's efficient coin recirculation by depositing idle coins.
The deposited value may either be credited to one's e-wallet account — currently either GCash or Maya — therefore also promoting digital payment use and strengthened financial inclusion, or converted into a shopping voucher for SM, one of the partner establishments.
For GCash users, the minimum deposit amount is P1 while the maximum amount depends on users' wallet limit on their profiles.
Deposited coins, which must be from the BSP Coin Series or New Generation Currency Coin Series, are then issued to partner retailers for their coin requirements in over-the-counter payment transactions.
RELATED: Money and happiness: Lessons from 'Build the Life You Want' by Arthur Brooks, Oprah Winfrey
