Modi to launch e-RUPI on August 2, find out what it is and how it will benefit you

Modi to launch e-RUPI on August 2, find out what it is and how it will benefit you

Modi to launch e-RUPI on August 2, find out what it is and how it will benefit you

The main objective of this solution is to make online payment easy and secure. The platform has been developed by the National Payments Corporation of India in collaboration with the Financial Services Department, the Ministry of Health and Family Welfare and the National Health Authority.

Takaking the first step towards having a digital currency in the country, Prime Minister Narendra Modi will launch an electronic voucher based digital payment system “e-RUPI” Monday. The platform, which has been developed by the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority, will be a person-specific and purpose-specific payments system.

How will e-RUPI work?

E rupi UPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code. This will essentially be like a prepaid gift-voucher that will be redeemable at specific accepting centres without any credit or debit card, a mobile app or internet banking. e-RUPI will connect the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.

E-RUPI digital Payment System

E-RUPI is a cashless medium that will be issued by the Government of India today. This contactless digital payment medium will be launched today by the Prime Minister of the country, Shri Narendra Modi. Now you can make payment through this e-Rupi Digital Payment at any place in the country. Through SMS string or a QR code, this app will be sent to mobile as a payment option across the country. We are going to provide you complete information in our article about how the e-Rupi Digital Payment App works. Digital e-Rupi Benefits and benefits.

e-Rupi Digital Payment

As a digital payment option in India, the Government of India will launch an electronic voucher-based digital payment system on 2nd August 2021. Today the Prime Minister of India, Shri Narendra Modi, will address the public while launching this “e-RUPI”. Some of the higher institutions and government agencies of the country like the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare, and National Health Authority, etc. have jointly developed this app.

Features Of e-RUPI Digital Payment

• The honourable Prime Minister of India Mr Narendra Modi is going to launch a digital payment platform called e-RUPI digital platform on 2 August 2021
• This platform will be cashless and contactless instrument
• Through this system users can make digital payments through QR code or SMS string based e-voucher
• This voucher will deliver to the mobile of the users
• Users can redeem this voucher without any payment app, internet banking or card
• This payment platform has been developed by national payment Corporation of India on its UPI platform
• The collaborating partners are the Department of financial services, Ministry of health and family welfare and national health authority
• Through this initiative the sponsor of services will be connected with the beneficiaries and service providers. This connection will be held in a digital manner without any kind of physical interface
• Through this platform the payment to the service provider will be made after the completion of transaction
• This payment platform is prepaid in nature
• e-RUPI does not require any kind of service provider to make payment
• This platform can also be used for providing services under schemes which are meant for providing drugs and nutritional support.

Benefits of E-Rupi payment

• It's a cashless and contactless way.
• It connects directly to both the service provider and the beneficiary.
• This will directly benefit the beneficiaries of government schemes. So corruption will be less.
• This is a QR code or SMS string based e-voucher. It will be sent directly to the beneficiaries' mobiles.
• In this one time payment service, vouchers can be redeemed even if the user has a digital payment app or internet banking without a card.
• Departments and organizations connected to government schemes through e-RUPI will be connected to direct beneficiaries and service providers without physical contact.
• It will also ensure that payment is made to the service provider only after the transaction is completed.
• Being on prepaid makes timely payments to the service provider without involving any intermediary.
• These digital vouchers can also be used in the private sector for their own Employee Welfare and Corporate Social Responsibility programs.

What are e-RUPI benefits to the consumer?

Following are e-RUPI benefits to the consumer:

Contactless - beneficiary should not carry a printout of the voucher

Easy redemption - 2 step redemption process

Safe and Secure - Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained

No digital or bank presence required - Consumer redeeming the voucher need not have a digital payment app or a bank account

IMPORTANT LINK

Source: TV9 Gujarati

Which banks are live with e-RUPI?

Axis Bank

Bank of Baroda

Canara Bank

HDFC Bank

ICICI Bank

IndusInd Bank

Indian Bank

Kotak Bank

Punjab National Bank

State Bank of India

Union Bank of India