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 voucherEasy redemption – 2 step redemption processSafe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintainedNo digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account