Prime Minister Narendra Modi launched e-RUPI, an electronic voucher-based digital payment solution, via video conference on Monday.
“Today the country gives digital governance a new dimension. e-RUPI will play a huge role in strengthening DBT, ”said Prime Minister Modi when introducing the digital payment solution.
“E-RUPI vouchers are earmarked. It ensures that the voucher benefits are used for the service for which it is intended. The e-RUPI voucher will play a big role in making DBT more effective in digital transactions in the country. This will help everyone with targeted, transparent and leak-free delivery, ”he added.
e-RUPI is a personal and purpose-specific payment system that ensures that the services reach the intended beneficiary in a targeted and leak-proof manner.
The e-RUPI platform was developed by the National Payment Corporation of India (NPCI), the Department of Financial Services, the Department of Health and Welfare, and the National Health Authority.
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HOW DOES e-RUPI WORK?
A statement released by the Prime Minister’s Office (PMO) states that e-RUPI is a cashless and contactless tool for digital payments. The statement added that it is a QR code or SMS string based e-voucher that will be delivered to the beneficiaries’ mobile phones.
e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital way without a physical interface. It also ensures that payment to the service provider is only made after the transaction is complete.
Since it is an advance payment, it ensures timely payment to the service provider without the involvement of an intermediary.
The unique e-RUPI payment mechanism enables users to redeem the voucher with the service provider without a card, digital payment app or internet banking access.
It should be noted that NPCI’s digital payment solution was developed on its UPI platform. Many banks were taken on board to issue e-RUPI vouchers. Corporate and government agencies must contact partner banks – both private and public lenders – with details of the beneficiaries and the purpose of the payment.
The beneficiaries are identified by their mobile phone number and sent to them electronically without any further contact point.
WHO WILL USE IT?
The e-RUPI digital payment solution is used for providing services under various welfare programs dedicated to providing medicines and nutritional support under mother-child welfare systems TB eradication programs, medication and diagnostics under shame like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc.
According to the government, the digital vouchers can also be used by the private sector for employee welfare and CSR activities.
MAIN ADVANTAGES OF e-RUPI
1) Connects service sponsors and beneficiaries digitally
2) Cashless and contactless digital payments
3) Ensures the leak-proof provision of various social benefits
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