Prime Minister Narendra Modi inaugurated e-RUPI, a digital payment solution based on electronic vouchers, via video conference on Monday.
"The digital governance in the country is taking on a new dimension nowadays.
It is expected that e-RUPI would play a major role in enhancing DBT "During the introduction of the digital payment system, Prime Minister Modi made the following remarks.
"e-RUPI vouchers have a specific function. "
It will guarantee that the voucher's advantages are used for the service for which it was issued..
To make DBT more successful in digital transactions in India, the e-RUPI voucher would be crucial.
Targeted, transparent and leakage-free delivery would be made possible," he added.
Benefits will be sent to their intended recipients in a targeted and leak-proof way with e-RUPI.
In addition to the National Payment Corporation of India (NPCI) and the Financial Services Department, the National Health Authority (NHA) also contributed to the development of e-RUPI.
e- RUPI working -
A statement released by the Prime Minister’s Office (PMO) said e-RUPI is a cashless and contactless instrument for digital payment. The statement added that it is a QR code or SMS string-based e-voucher, which is delivered to the mobile phones of beneficiaries.
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.
Since it is prepaid in nature, it assures timely payment to the service provider without the involvement of any intermediary.
e-one-time RUPI's payment system allows customers to redeem vouchers at service providers without a card, digital payments app, or internet banking access.
NPCI's UPI platform was used to create the digital payment solution.
To date, e-RUPI vouchers have been issued by a large number of financial institutions.
Partner banks, both private and public, will need to be informed of the recipients and purpose of the payment by corporations and government organisations.
Eleven public and private sector banks are now supporting this new payment method.
Axis Bank, Punjab National Bank (PNB), State Bank of India (SBI) and Bank of Baroda will offer e-RUPI coupon issuing and redemption services.
Between now and December 31, 2013, the following banks will exclusively issue e-RUPI coupons: Canara, Indian, IndusInd, Kotak Mahindra, and Union Bank of India
The recipients will be recognised by their cell phone numbers, and the documents will be given to them electronically, without any further contact.
What are the benefits of e-RUPI ?
The e-RUPI digital payment solution will be used to deliver services under various welfare schemes such as providing drugs and nutritional support under Mother and Child Welfare schemes, TB eradication programmes, drugs and diagnostics under schemes such as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies, and so on.
According to the government, the digital coupons can also be utilised by the business sector for employee welfare and CSR initiatives.
KEY BENEFITS OF e-RUPI -
1) Digitally connects service sponsors and recipients
2) Digital payment that is cashless and contactless
3) Ensures that various social services are delivered in a leak-proof manner.
