Prime Minister Narendra Modi has launched e-RUPI, a person and purpose-specific digital payment solution at 4:30 pm via video conferencing today. The PMO said it is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.
“Digital technology is transforming lives in a major way and is furthering ‘Ease of Living.’ At 4:30 PM tomorrow, 2nd August, will launch e-RUPI, a futuristic digital payment solution which offers several benefits for its users,” Modi said in a tweet on Sunday.
What is e-RUPI?
- e-RUPI is a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.
- The users of this one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
- It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
- e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without the involvement of any intermediary.
- It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.
What are e-RUPI benefits to the consumer?
Following are e-RUPI benefits to the consumer:
- Contactless - beneficiary should not carry a printout of the voucher
- Easy redemption - 2 step redemption process
- Safe and Secure - Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
- No digital or bank presence required - Consumer redeeming the voucher need not have a digital payment app or a bank account