Prime Minister Narendra Modi presented eRUPI, a digital payment solution based on electronic coupons, on Monday. Here is everything you need to know about eRUPI.
Prime Minister Narendra Modi introduced eRUPI, a digital payment solution based on electronic coupons, through a video conference on Monday.
"Today, the country has given new dimensions to digital governance. ERUPI will play an important role in strengthening DBT," Prime Minister Modi said when launching digital payment solutions. “eRUPI vouchers have a specific purpose. They ensure that the benefits of the vouchers are used for the services they intend to provide.
The eRUPI bonds will play a very important role in improving the efficiency of the DBT in digital transactions in the country. This will help everyone to do so. Targeted, transparent and uninterrupted delivery," he added.
eRUPI is a specific payment system for certain people and purposes, which ensures that services reach the intended beneficiaries in a targeted and leak-proof manner.
The eRUPI platform was developed by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Department of Health and Welfare, and the National Health Authority.
The Work Procedure of eRUPI
A Prime Minister (PMO) statement states that eRUPI is a cashless and contactless digital payment tool, adding that it is a QR code or a voucher based on an SMS string that is sent to the Customers sent will be beneficiaries.
eRUPI connects service sponsors with beneficiaries and service providers digitally without a physical interface. It also ensures that payment to the service provider is only made after the transaction is complete. Due to its prepaid character, it guarantees timely payment to the service provider without the involvement of an intermediary.
eRUPI's unique payment mechanism enables users to redeem the voucher with the service provider without a card, digital payment application or access to internet banking. It should be noted that NPCI's digital payment solution was developed on its UPI platform. Many banks were set up to issue eRUPI vouchers.
Corporate and government agencies need to contact partner banks, both public and private lenders, for details of the beneficiaries and the purpose of the payment. 11 public and private sector banks that support this new payment method.
State Bank of India (SBI), ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Axis Bank and Bank of Baroda will offer eRUPI coupon issuance and refund services. In the meantime, Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra Bank, and Union Bank of India will only issue eRUPI coupons for now.
The Key Benefits Of eRUPI
(1)Connecting sponsors and recipients of digital service
(2) Cashless and contactless digital payment
(3) Provide sealed delivery of various health services.
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