PM Narendra Modi to launch digital payment solution e-RUPI: Know what it is, benefits and how does it work
E-Rupi Benefits: Users of this one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking
Prime Minister Narendra Modi will launch e-RUPI, a person and purpose-specific digital payment solution on August 2, 2021, at 4:30 pm. The concept of an electronic voucher is aimed at taking forward the vision of good governance. The digital payment solution has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the department of financial services, ministry of health and family welfare, and national health authority.
योजनाओं का लाभ अंतिम जन तक पहुँचाने की दिशा में एक और उत्कृष्ट पहल #eRUPI को माननीय प्रधानमंत्री श्री नरेन्द्र मोदी 2 अगस्त, 4:30 बजे देश को समर्पित करेंगे। #eRUPI, NPCI द्वारा विकसित एक प्रीपेड e-Voucher है।
कार्यक्रम लाइव देखें: https://t.co/AAWdZhqFmf पर@NPCI_NPCI @PMOIndia pic.twitter.com/F9tZq71lZZ— National Health Authority (NHA) (@AyushmanNHA) July 31, 2021
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 seamless 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.
Benefits
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.
It can also be used for delivering services under schemes meant for providing drugs and nutritional support under mother and child welfare schemes, TB eradication programmes, drugs and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc.
The private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.
Banks supporting e-RUPI
State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank, Axis Bank, and Bank of Baroda are the banks that will support e-RUPI.
Canara Bank, Indusind Bank, Indian Bank, Kotak Bank, and Union Bank of India will only issue e-RUPI coupons.