During busy days, you could have to wait in lengthy lines and possibly pay an additional fee to deposit your idle coins into your bank account. What if there’s now a way to add them to your e-wallet account without costing you anything?
Here’s Coin Deposit Machines (CoDMs) that were introduced by the Bangko Sentral ng Pilipinas in collaboration with other retailers “to promote efficient coin recirculation in the country” through coin exchange facilities installed in participating establishments.
Hence, the BSP invites the public to use the accessible, practical, and effective coin exchange facilities in participating malls to deposit their unused coins that are kept in jars, piggy banks, and other containers.
As of this writing, CoDMs are only accessible in three malls: SM Mall of Asia in Pasay, Robinsons Place Ermita in Manila, and Festival Supermall in Muntinlupa. However, the BSP said that six additional CoDM locations will be introduced around Greater Manila.
The program enables users to “conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets” by accepting currency denominations from the BSP currency Series and the New Generation Currency Coin Series.
All coins from the BSP Coin Series and the New Generation Currency Coin Series, including the 1-, 5-, 10-, and 25-Sentimo and 1-, 5-, 10-, and 20-Piso, must be accepted by CoDMs.
The nation’s central bank is also partnering with Maya to broaden people’s options as part of its payment digitalization and financial inclusion agenda.
Customers to SM MOA and Festival Supermall have another option besides e-wallets: they can convert their deposited coins into SM shopping vouchers.
Overall, Bangko Sentral ng Pilipinas (BSP) Coin Deposit Machines (CoDMs) are self-service machines provided by the central bank of the Philippines for the purpose of depositing coins into your e-wallet account.
These machines are designed to facilitate the process of depositing large quantities of coins, allowing individuals and businesses to convert their loose change into digital funds.
CoDMs accept coins of various denominations, and users can deposit their coins by pouring them into the machine, which then sorts and counts the coins automatically.
The deposited amount is credited to the user’s designated e-wallet account or provided in the form of shopping vouchers that can be used at SM Department Stores nationwide.
These Coin Deposit Machines help streamline the coin handling process, reducing the need for manual sorting and counting.
They also promote the circulation of coins within the economy by making it easier for individuals and businesses to deposit their excess coins.
How to use CoDMs?
Collect: Collect your coins, bring them to a nearby mall with the machine, and deposit them to the CoDM.
Choose: Select your idle coins’ conversion choice. Choose your e-money issuer and provide your account number if you want them to be credited to your electronic wallet. By choosing that option and claiming the receipt, you can convert them into legitimate shopping vouchers that you can use at any SM Store in your area (offered only to shoppers at SM MOA and Festival Supermall).
Consume: When you’re through, use your remaining e-wallet balance or shopping coupons to buy anything you want from a physical store or the internet.
Source: Bangko Sentral ng Pilipinas