SCB offers first look at the ‘spare change’ machine

People attending the exposition were invited to test and comment on the machine’s ability to handle direct bank deposits, mobile phone top-ups, e-wallet transactions and charitable donations.
Improvements will be made based on the feedback, Digital Ventures said, and the machines will be installed at all SCB branches in the near future. 
The Treasury Department estimates that there are currently 29 billion coins in public and private hands, worth a combined Bt50 billion. But around 10 per cent of the coins are not in circulation because of people leaving them at home, preferring not to carry around loose change. 
At the same time, Digital Ventures said, depositing coins in banks or exchanging them for bank notes is time-consuming for both banks and their customers. Counting-fees at banks range from 1-3 per cent of the coins’ sum value. 
Such factors have resulted in automated coin machines being introduced in the United States, Britain and other countries, it said. “The machines not only reduce metal imports for coin production, but also enhance convenience for consumers.”
“Realising the extent of the burden on our customers as well as the bank caused by coins, we began to develop a prototype for an automated coin machine in 2016,” said Thana Thienachariya, acting chief marketing officer of Siam Commercial Bank. 
“The product-development team at Digital Ventures worked with our partners, Lightfog, RTech and Creatus, to create a machine capable of counting and checking coins, exchanging coins for notes, and linking with the bank’s system to allow users to carry out transactions with greater convenience. They can, for example, choose to deposit the change directly into their bank account, transfer to their e-wallet by providers such as Line Pay and PayPal, top up their mobile phone, or donate the change to a foundation or charity of their choice.”
SCB and the Bank of Thailand will be asked later this year to authorise the machine’s commercial launch.