What is erupi?
NEW DELHI: Prime Minister Narendra Modi on Monday launched India’s new digital payment system e-RUPI via video conferencing.
It is developed by the National Payments Corporation of India (NPCI) on its UPI platform, in collaboration with the department of financial services, ministry of health & family welfare and national health authority. ( What is erupi?)
E-Rupi Full Form –
Electronic (Digital) Rupee – (E-Rupi)
How do I buy e-Rupi?
e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code.
This will essentially be like a prepaid gift-voucher that will be redeemable at specific accepting centres without any credit or debit card, a mobile app or internet banking.
e-RUPI will connect the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
MORE ABOUT E-RUPI NEWS- (What is E-rupi?)
* e-RUPI voucher will enable digital transactions more prevalent in the country.
* Today the country is giving a new dimension to digital governance with e-RUPI.
* The voucher is going to play a vital role in making direct benefit transaction (DBT) more effective in digital transactions in India.
* It will help everyone in targeted, transparent and leakage free delivery. ( What is e-rupi?)
* This technology will help not only the government but if any general organisation wants to help someone in their treatment, in their education or for any other work, then they will be able to give e-RUPI instead of cash.
* The platform will ensure that the money given by any organisation is used for the same work for which that amount was given.
* e-RUPI is person as well as purpose specific. Today thinking of the country is different and new. We are looking at technology as a tool to help the poor, a tool for their progress.
* e-RUPI is an example of how India is moving forward & connecting people in the 21st century with the help of advanced technology.
* I’m glad that it has started in the year when India is celebrating its 75th year of Independence.
* Today, India is showing the world that they are second to none in adopting technology and connecting with it.
* When it comes to innovations, use of technology in service delivery, India has the ability to give global leadership along with big countries of the world. What is erupi?
* The government started PM Svanidhi Yojana under which it could help more than 23 lakh street vendors. During this time of Covid, about Rs 2,300 crore has been given to them.
* e-RUPI is a cashless and contactless instrument for digital payment.
* It is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries.
* It connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
What is e-RUPI system?
e-RUPI is a digital voucher that can be redeemed by beneficiaries when they make use of any specific government services. The digital system does not require a card, app or internet access to redeem the vouchers. The digital tokens will be sent to respective citizens by the government via SMS strings or QR codes to be used for a specific purpose.
The digital token-style system is seen as a way to spot potential gaps in the existing welfare payments infrastructure and fix them. What is e-rupi?
- Best Digital Cureency
- Not a Crypto Currency
- Use only for digital transaction
- No any physical withdrawal allow
- 1st indian digital currency
How does it work and where can it be used?
The cashless and contactless medium is similar to how a corporate-provided Sodexo coupon card works. The big difference is there won’t be any card here. The beneficiary, citizen in this case, will be given digital vouchers to access targeted welfare services like medicines and nutritional support, and medical diagnostics under the government’s health schemes.
A QR code or SMS-string will be sent to the beneficiary, and they will need to show it to the welfare service provider for the transaction to be complete. No printouts would be required. As these vouchers are created for a specific purpose, they can’t be transferred or cashed out.
e-RUPI is powered by NPCI’s UPI platform and the service has onboarded about a dozen banks to be issuing entities. These include both private and public banking institutions. The beneficiaries will be identified by their mobile number, and the vouchers will be linked to it. The digital voucher can be redeemed only that individual. ( What is e-rupi?)
The government also plans to open the service to private enterprises so they can use it as part of their employee welfare or benefits programmes. If private companies opt to use e-RUPI for their employees, they will have to approach one of the partner banks with details of specific individuals and the service they would like to avail. ( What is e-rupi?)https://youtu.be/nOHKf3C6c0s
Is e-RUPI a digital currency?
No, the e-RUPI is built for a specific transaction for a service availed at a particular welfare centre. The digital vouchers are backed by the Indian rupee and are not transferable. This puts e-RUPI within the frame work of a voucher-based payment system than a virtual currency, which has a different character. ( What is e-rupi?)