Prime Minister Narendra Modi has launched the e-RUPI Digital Payment System in August 2021. It is a QR Code or SMS based system. This new Cashless and Contactless Digital Payment method has been started to enable citizens to transfer without any hindrance. E-RUPI Voucher.
It will be used only for the work in which the beneficiary would like to get its benefit. This e-RUPI Voucher will play an essential role in the digital payment system. Then let’s get to know more about e-RUPI through this article.
Meaning of eRUPI
E-RUPI is a kind of digital voucher. The person availing of this benefit will have to SMS’S or will be available in the form of a QR Code. Through this, the amount will be directly transferred to their bank account.
eRUPI is designed keeping in mind the safety of the beneficiary. It keeps the details of the beneficiaries secretly. Apart from the sender and receiver of the money, no third person can even know about it.
This e-RUPI Digital Payment facility has been developed with the support of both DFS (Department of Financial Services) and NHA (National Health Authority). It is operated by the National Payments Corporation of India (NPCI).
How does eRUPI work?
It is a cashless and contactless digital payment system, which will be received on the beneficiary’s phone in SMS S or QR code. It is similar to Prepaid Voucher.
It can be redeemed at any specific centre to be accepted without internet banking, debit-credit card and mobile app.
It would be best if you had a simple phone then you can get the benefit of it.
Transaction through e-rupee is speedy and reliable. The amount is already stored in it. It connects the sponsor of services (an individual or institution) with beneficiaries and service providers digitally without a physical interface.
Advantages of e-rupee
Next, you have been told about the benefits of e-RUPI; let’s know about these benefits.
How to get an E-RUPI facility?
The e-RUPI system has been built on the UPI platform by NPCI. NPCI has also added many banks in the country. These banks will be able to issue their E-Vouchers. Banks will issue their E-Voucher on their own UPI platform. In a way, this bank will be the issuing institution itself.
The government agency, corporation, or corporate has to approach its partner bank and give full details of the person and the payment’s purpose.
Beneficiaries will be identified by their mobile number only then SMS and QR code will be received. The voucher is allotted to the service provider by the bank in the name of the beneficiary.
Banks that issue eRUPI
NPCI has partnered with 11 banks for e-RUPI transactions. This is the bank.
Where will E-RUPI be used?
NPCI has currently tied up with more than 1600 hospitals for e-RUPI. Where e-RUPI can be paid, E-rupee can be used for Pradhan Mantri Jan Arogya Yojana, Ayushman Bharat, and welfare schemes.
According to the news, it will be used extensively in the coming time. Along with this, private sector employees will also be able to get its benefits.
How is eRUPI different from Digital Currencies?
The purpose of starting e-RUPI is to bring digital currency to India, but e-RUPI is not a digital currency; it is a Social Service Voucher System (Social Service Voucher System).
E-rupee is different from Cryptocurrencies. Let us tell you that this prepaid voucher will be used to provide Welfare Subsidies, which allows doing businesses to buy services and goods to get benefits.
Future of e-rupee website
Yes, guys… you read it right.
NPCI may soon launch an E-RUPI website. e-RUPI can provide services under Matru and Child Benefit Scheme, Ayushman Bharat Scheme, Tuberculosis Elimination Scheme and other welfare schemes.
If the name of Indian digital currency is taken, then only e-RUPI will be the first Indian digital currency. NPCI will be authorised to frame and control, and disseminate e-RUPI.
What is e-rupee?
E-rupee is a digital voucher based on Qr code or SMS; it is a new and easy way to make cashless and contactless payments.
Is it a secure medium of digital payment?
This Voucher can be redeemed only for the individual and the purpose for which it is used – if it is issued for maternal and child benefit.
How to get an e-rupee facility?
It is built on the UPI Platform. To avail of the facility of e-RUPI, you have to use UPI.
What did you learn today?
I hope that you must have liked this article of mine, what is e-form. It has always been my endeavour to provide complete information to the readers about how eRUPI works so that they do not have to search other sites or the internet in the context of that article.
This will also save their time, and they will also get all the information in one place. If you have any doubts about this article or you want that there should be some improvement in it, then you can write low comments for this.
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