e-RUPI is a digital payment platform, which has been made completely cashless and contactless. This digital platform will ensure that payment is made to the service provider only after the transaction is completed. Let us know what is e-Rupi, how it will work and where it can be used.
The platform has been launched by the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority. This system will be person-specific and purpose-specific. Through e-RUPI, the service provider can be connected with the beneficiaries and service providers without any physical interface.
This is how these vouchers will be issued
This system has been built by NPCI on its UPI platform and all banks will be e-Rupi issuing entities i.e. banks will issue it. Any corporate or government agency will have to approach the associate government or private bank regarding the specific person and purpose for which the payment is to be made.
The beneficiary will be identified through the mobile number and the service provider will be allotted a voucher in the name of a particular person which will be delivered to that person only.
What will be the benefits of e-RUPI?
There is a system of education vouchers or school vouchers in America through which the government pays for the education of students. This subsidy is given directly to the parents for the specific purpose of educating their children. Apart from America, the school voucher system is also there in countries like Colombia, Chile, Sweden and Hong Kong.
- According to the government, welfare schemes can be delivered without any leakage through e-Rupi.
- It can also be used for providing services under schemes like Mother and Child Welfare Schemes, TB Eradication Programme, medicines and fertilizer subsidy under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana etc.
- According to the government, the private sector can also use these digital vouchers under its employee welfare and corporate social responsibility programs.
Where can the e-Rupi digital voucher be used?
It can also be used to provide service under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, various welfare schemes. The private sector can also avail these digital vouchers in its employee welfare and CSR programmes.
What is e-RUPI and how does it work?
E-Rupi is a QR code or SMS string-based e-voucher, which is delivered to the beneficiary’s mobile. Users of this one time payment mechanism will be able to redeem the voucher at the service provider without having to access the card, digital payment app or internet banking.
What is UPI?
Unified Payment Interface/UPI is a real time payment system, which can transfer money to bank account instantly through mobile app. The special thing is that e-Rupi is also created on the UPI platform but mobile app will not be required to redeem it.
Is e-RUPI digital currency?
e-RUPI is a digital payment platform, which has been made completely cashless and contactless. This digital platform will ensure that payment is made to the service provider only after the transaction is completed