Prime Minister launches digital payment solution e-RUPI - (02 Aug 2021)

Banking

Prime Minister launched digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. The e-RUPI is a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. It is a pre-paid voucher, which he/she can go and redeem it at any centre that accepts it. Addressing the event, the Prime Minister said that the e-RUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country and will give a new dimension to digital governance.

The e-RUPI does not require the beneficiary to have a bank account, a major distinguishing feature as compared to other digital payment forms. Further, it ensures an easy, contactless two-step redemption process that does not require sharing of personal details either. Another advantage is that, e-RUPI is operable on basic phones also, and hence, it can be used by persons who do not own smart-phones or in places that lack internet connection. Being a prepaid voucher, e-RUPI would assure real time payments to the service provider.

The National Payments Corporation of India (NPCI), which oversees the digital payments ecosystem in India, has launched e-RUPI, a voucher-based payments system to promote cashless transactions. It has been developed in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority. At present, NPCI has partnered with 11 banks for e-RUPI transactions. They are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India. The acquiring Apps are Bharat Pe, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YoNo SBI Merchant Pay. More banks and acquiring Apps are expected to join the e-RUPI initiative soon.

Tags : DIGITAL PAYMENTS E-RUPI LAUNCH