e-RUPI is a new e-voucher based digital payment solution launched by PM Narendra Modi. The prime minister launched the new payment solution today at a video conference. Here’s everything you need to know about e-RUPI.
What is e-RUPI?
e-RUPI, developed by the National Payments Corporation of India (NPCI), is basically a cashless tool that can be used for digital payments. It can be used as an e-voucher that is based on a QR code or a SMS string. The contact-less payment is directly reached to the beneficiary.
It is a prepaid service, which means the user should have the amount available in their account. There is no intermediary required and the payment to the service provider is hassle-free. This is a one-time payment mechanism as it requires the beneficiary to redeem the voucher in order to receive the cash. The voucher can be redeemed without a card or any digital payment apps or internet banking.
PM Narendra Modi, said in a statement, “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."