E-RUPI will be a cashless and contactless digital payment medium which will come in the form of SMS-string or QR code in the beneficiary’s mobile phone.
What is e-RUPI and how will it work?
New Delhi: Taking the first step towards digital currency, Prime Minister Narendra Modi will today launch an electronic voucher based digital payment system called ‘e-RUPI’. The platform has been developed by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare and the National Health Authority. It will be an individual-specific and purpose-specific payment system. (know what is e-rupi digital payment system and how it works)
E-RUPI will be a cashless and contactless digital payment medium which will come in the form of SMS-string or QR code in the beneficiary’s mobile phone. Initially, it will be like a prepaid gift-voucher and can be redeemed at any accepted centers without any credit or debit card, mobile app or internet banking. E-RUPI will connect beneficiaries to digital services sponsors without any physical interface.
How will these vouchers be issued?
The system has been developed by NPCI on its UPI platform and includes banks that will issue vouchers. Any corporate or government agency will have to contact partner banks to get this which can be both private and government. In addition, information must be provided for whom and for what purpose it is being taken. Beneficiaries will be identified by their mobile number. A voucher in the name of any person will be issued by the bank to the service provider only to that person.
Where can e-rupee be used?
According to the government, e-Rupee will verify the leak-proof distribution of welfare services. It can be used to provide facilities and medicines under the Maternal and Child Welfare Scheme, Tuberculosis Eradication Program and Lifelong India Pradhan Mantri Jan Arogya Yojana and Fertilizer Grant. In addition, the government has said that the private sector can also offer digital vouchers to its employees under welfare and corporate social responsibility programs. (know what is e-rupi digital payment system and how it works)
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