On Monday, Prime Minister Narendra Modi would launch an electronic voucher-based digital payment system “e-RUPI.” The platform would be person-specific and purpose-specific. It is developed by the National Payments Corporation of India (NPCI), Department of Family Services, National Health Authority and Ministry of Health and Family Welfare.
The digital vouchers would be launched by PM Modi at 4:30 pm via video conferencing. On Sunday, Prime Minister tweeted, “Digital technology is transforming lives in a major way and is furthering ‘Ease of Living.’ At 4:30 PM tomorrow, 2nd August, will launch e-RUPI, a futuristic digital payment solution which offers several benefits for its users.”
Also Read: Explained: Why there is skirmish between Assam- Mizoram border?
What is e-RUPI?
e-RUPI is a digital mode of payment through which one can do cashless and contactless payments, which will be delivered to mobile phones of beneficiaries in form of an SMS string or a QR code. These would be prepaid gift vouchers which would be redeemed at particular shops and centres without any debit or credit card, mobile application or internet banking.
This digital platform would connect sponsors of the service with beneficiaries and service providers in a digital manner without any physical interference.
In which cases e-RUPI can be used?
As per the information shared by the Central government, it is expected to be a revolutionary initiative to ensure leak-proof payments. It can also be used for delivering services under schemes meant for providing support like – Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies etc.
The digital vouchers can also be used by the private sector as part of their employee welfare and corporate social responsibility programmes.
How these vouchers would be issued?
Any corporate or government organization may have these vouchers by approaching the partner bank, which can be both private as well as government. The organization has to share the details of a specific person and the purpose for which payment is made. The beneficiaries would be identified by the service provider only by the issued name.
How these vouchers are beneficial?
- Cashless and contactless digital payment,
- Connects service sponsors and beneficiaries digitally,
- Ensures leak-proof delivery of various welfare services,
- Quick and easy voucher redemption,
- Safe, secure, and easy mode of payment as vouchers are redeemed via a verification code.
Also read: How pandemic changed the dynamics of education in India
Which banks are associated with e-RUPI?
- Axis Bank
- Bank of Baroda
- Canara Bank
- HDFC Bank
- ICICI Bank
- Indian Bank
- IndusInd Bank
- Kotak Bank
- Punjab National Bank
- State Bank of India
- Union Bank of India