What is e-RUPI, and How Does it Work? Today, PM Narendra Modi is going to launch a unique medium of digital payment solution called e-RUPI. It's an electronic voucher-based digital payment option initiated by the National Payments Corporation of India (NPCI) under the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority. However, it's a personspecific and purpose-specific payment system that embraces the idea of digital India. What is e-RUPI? E-RUPI (digital payment solution)
is a great initiative that promotes
cashless transactions in India. In a nutshell, e-RUPI is a contactless and cashless digital payment instrument. It's an e-voucher based service sending the QR code or SMS string on the mobile number of beneficiaries. Through this advanced launch, services sponsors can connect with the beneficiaries without any physical interaction; it's a digital interconnection. Furthermore, it eases the way of the transaction as it can assure timely payment without the interference of the mediator. This digital payment system supports Mother and Child welfare schemes, TV eradication programmes and much more by delivering services related to drugs and nutrition. It's a revolutionary initiative empowering welfare schemes. How does it work? PMO states that "e-RUPI (digital payment solution)
connects the sponsors
of the services with the beneficiaries and service providers in a digital manner without any physical interface,". It simply means that the Government will send the e-vouchers on the registered number of the beneficiaries. However, e-vouchers work as e-gift cards that work with the internet and mobile banking with no credit or debit cards.
Banks using the e-RUPI digital payment option Different public and private banks are supporting this digital payment system, and currently, there are 11 banks that will provide this feature to their customers. You can get both issuance and redemption coupons of eRUPI at State Bank of India, Punjab National Bank, ICICI Bank, HDFC Bank, Axis Bank and Bank of Baroda. These are the names of banks that are completely supporting this innovative payment system. Furthermore, Banks such as Canara Bank, Indian Bank, Kotak Mahindra Bank, IndusInd Bank, and Union Bank of India support this scheme, but they are not delivering redeeming digital voucher options. In these banks, you can only get e-RUPI coupons. The centre stated that "the concept of electronic voucher takes forward this vision of Good Governance. It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services," and their vision is in the right direction. Summing Up e-RUPI digital payment solution is a revolutionary welfare scheme launched by the Government of India, and it is not linked with any mobile application and banking software. It's for everyone as everyone can access this scheme through their mobile phone and get the e-vouchers efficiently. It holds plenty of benefits to the beneficiaries and supports the digital India mission.
