What is e-Rupi digital payment solution? – Complete Guide

e-Rupi digital payment solution Complete guide, Prime Minister Narendra Modi is to launch the “e-RUPI Digital Payment Solution” on August 2, 2021. e-RUPI is an e-voucher-based payment solution.

India goes to require another big step within the field of digital payments today. Prime Minister Narendra Modi will launch e-voucher-based digital payment solution e-RUPI through video conferencing today. Through this, the benefits the beneficiaries are going to be ready to reach them without leakage, that is, there’ll be no middleman or intermediary within the middle.

What is e-RUPI digital payment solution?

e-RUPI may be 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 are going to be ready to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.

e-Rupi digital payment solution Complete Guide
e-Rupi Digital Prepaid e-Voucher

The electronic voucher-based digital payment system has been formulated by the National Payments Corporation of India (NPCI) on its UPI platform, together with the Department of monetary Services, Ministry of Health & Family Welfare and National Health Authority.

How to work e-RUPI digital payment solution?

e-RUPI connects the sponsors of the services with the beneficiaries and repair providers in a digital manner with no physical interface. It also ensures that the payment to the service provider is formed 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.

How to use e-RUPI?

E-Rupee connects the sponsors of the services with the beneficiaries and repair providers in a digital manner with no physical interface. It also ensures that payment is formed to the service provider only after the transaction is completed. E-Rupee is pre-paid in nature, so it assures timely payment to the service provider without the involvement of any intermediary.

As stated, the cards are prepaid and don’t require either a smartphone or any sort of application to use them. These vouchers are going to be simple QR code vouchers or SMS vouchers that users can use to avail various services. However, there’ll be a limitation to use these vouchers as they’re going to be specific to the aim. One sort of voucher is often used for one purpose only. for instance, a voucher meant for medicines might not be utilised for the other purposes

Where I can use e-RUPI Digital Payment Solution?

It also can be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies etc. Even the private sector can leverage these digital vouchers as a part of their employee welfare and company social responsibility programmes.

What is Digital Voucher E-Rupee?

Digital Voucher E-Rupee e-RUPI may be a cashless and contactless method. it’s a QR code or SMS string-based e-voucher, which is shipped to the mobile of the beneficiaries. Users of this one-time payment mechanism won’t get to access any card, digital payment app, or internet banking on the service provider to redeem the voucher.

Benefits of e-Rupi digital payment solution

Here is the list of benefits e-rupi digital payment solution 2021,

  • It’s a contactless payment system with no interference between the service providers and users.
  • Such a payment system doesn’t involve any sort of cash transaction.
  • It involves just a 1 point connection between the beneficiaries and repair sponsors.
  • No privacy breaching of the top user because the service doesn’t require any checking account or use of internet banking services.
  • No smartphone is going to be wont to redeem this.
  • The system assures no use of the checking account details of the beneficiary.
  • This payment service doesn’t require any sort of card or an android app.
  • The service is going to be easily accessible to the people
  • The e-vouchers are going to be best useable for a one-time payment.
  • because the service is in prepaid mode, it guarantees timely payment.
  • Vaccine e-vouchers could also be a further feature to those prepaid cards.

What is UPI?

Unified Payment Interface/UPI may be a real-time payment system that permits instant money transfer to a checking account through the mobile app. The special thing is that an e-rupee is additionally created on the UPI platform but a mobile app won’t be required to redeem it.

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Updates on e-Rupi Prepaid e-Voucher

E-RUPI Launch by PM Modi: Prime Minister Narendra Modi on August 2 launched digital payment solution e-RUPI at 4.30 pm via video conferencing. e-RUPI may be a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.

The payments platform has been developed by the National Payments Corporation of India (NPCI) on its UPI platform, together with the Department of monetary Services (part of the Ministry of Finance), Ministry of Health & Family Welfare (MohFW) and therefore the National Health Authority.

During the inauguration, PM Modi said, “UPI voucher goes to play an enormous role in making DBT simpler in digital transactions within the country. this may help everyone in Targeted, Transparent and Leakage Free Delivery.” Adding more, he said that not only the govt, if any organization wants to assist someone in their treatment or education or for the other work, then they’re going to be ready to give e-RUPI rather than cash.

PM Modi stressed the purpose that eRUPI vouchers are purpose-specific. it’ll make sure that the advantages of the voucher are availed for the service it’s meant for.

Here is the tweet from PM Modi on e Rupee Digital Payment Solution:

On the difficulty to digital transactions, PM Modi said that in July alone India witnessed over 300 crore UPI transactions and every month, UPI transactions are setting new records, adding Rs 17.5 lakh crore has been transferred to the beneficiary’s account via DBT. Recently, UPI transactions are launched in Singapore and Bhutan.

FAQs

What is e-Rupee?

e-RUPI may be 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 are going to be ready to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.

When did e-Rupi start?

e-RUPI Digital Payment Solution Launch on August 2, 2021.

What is UPI?

UPI Stands for Unified Payment Interface, UPI may be a real-time payment system that permits instant money transfer to a checking account through the mobile app. The special thing is that an e-rupee is additionally created on the UPI platform but a mobile app won’t be required to redeem it.

Who developed the e-Rupi digital payment solution?

The e-Rupi digital payment solution developed by monetary Services, Ministry of Health & Family Welfare and National Health Authority.

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