What it means and how it works- Technology News, Firstpost

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Today (August 2), Prime Minister Narendra Modi will launch e-RUPI, a digital payment solution for personal and personal use, via video conferencing. The Prime Minister’s Office stressed that Modi has always supported digital initiatives. The Prime Minister’s Office said over the years that a number of programs have been launched to ensure that the benefits reach the desired beneficiaries in a targeted and close manner, and that the interfaces between the government and the beneficiaries are limited. It said the concept of electronic vouchers carries forward this view of good governance.

Photo: Pixabay

E-RUPI guarantees “timely payments” without the involvement of intermediaries. Photo: Pixabay

Prime Minister Narendra Modi will launch a digital payment solution today at 4.30pm (IST).

What is e-RUPI? How does it work?

According to Prime Minister Narendra Mod’s tweet, “e-RUPI is a cash and contactless digital payment tool”. e-RUPI is a “QR code or SMS string-based e-voucher delivered to the beneficiaries’ mobile phones”, states official press release.

This acts as a prepaid coupon that can be redeemed as a payment to the service provider, eliminating the need for a card, digital payment applications, or online banking. It connects “sponsors of service providers to beneficiaries and service providers” digitally. It guarantees “timely payments” without the involvement of intermediaries. According to the official statement, “it also ensures that payment to the service provider is made only after the transaction.”

The digital payment solution has been developed by the National Payments Corporation of India (NPCI) on its UPI platform in collaboration with the Financial Services Department, the Ministry of Health and Family Benefits and the National Health Authority.

Users can redeem the coupon by scanning the QR code received via SMS.

Where can e-RUPI be used?

According to the official statement, the digital payment service can be used to ensure the “leak-free delivery of welfare services”. It can also be used to provide services in systems designed to provide drugs and nutritional support in maternal and child welfare systems, tuberculosis eradication programs, medicines and diagnostics in systems such as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer support and so on.

With regard to the private sector, the government suggested that the industry could use these digital vouchers as part of “employee welfare and corporate social responsibility programs.”

How is e-RUPI different from other digital payment applications?

The biggest difference between e-RUPI and other online payment applications is that e-RUPI is not a platform or application. It is a coupon that can only be redeemed for certain services. Unlike other payment services, the user does not need to use a digital payment application or even a bank account to redeem this coupon.

What are the benefits of e-RUPI?

By NPCI website, it is beneficial for businesses because it is an end-to-end digital transaction that does not require a physical issue. Therefore, it leads to a reduction in organizational costs. In addition, the website reveals that the issuer can track the redemption of vouchers.

e-RUPI is useful for users because it is “easy and safe” according to the official statement. Because it has a pre-locked amount, the chances of rejecting the transaction are significantly reduced. According to NPCI, it has a two-step redemption process and the user does not have to share personal information when redeeming the coupon. In particular, consumers do not need to have a digital payment application to redeem a coupon.

Which banks use e-RUPI?

According to NPCI, the State Bank of India, HDFC, Axis, Punjab National Bank, Bank of Baroda, Canara Bank, IndusInd Bank and ICICI Bank are already involved in the e-RUPI digital payment solution.

(Inputs from PTI)

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