e-RUPI Digital Payment Platform Launching Today: What Are Its Benefits?

Prime Minister Narendra Modi launched a new digital payment platform today. It is called e-RUPI. The app will operate on e-vouchers. The National Payments Corporation of India created the system in partnership with the Ministry of Finance, the Ministry of Health, and the National Health Authority.

Digital India is the PM’s dream and that is what he is aiming for. “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,” wrote the PM in an announcement tweet.

What is e-Rupi?

It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app, or internet banking access, at the service provider, read the statement released by the centre.

It has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority.

The statement further added that “e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without the involvement of any intermediary.”

E-Rupi is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc.

Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.

Benefits of e-Rupi

• Cashless and contactless digital payment.

• Connects service sponsors and beneficiaries digitally.

• Ensures leak-proof delivery of various welfare services.

• e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner.

• It is a QR code or SMS string-based e-voucher.

• These digital vouchers can also be used by the private sector for its employee welfare and corporate social responsibility programmes.

Banks with e-Rupi

A total of eight banks are live with e-Rupi, including HDFC, State Bank of India, Axis, Punjab National Bank, Bank of Baroda, Canara Bank, IndusInd Bank, and ICICI Bank.