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Digital Payment Solution UPI e-RUPI To Launch In India HOW IT WORKS

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Digital Payment Solution UPI e-RUPI To Launch In India

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e-RUPI,e-RUPI Digital Payment Solution


 

UPI e-RUPI Digital Payment Solution – Redeem Prepaid e-Voucher without Card, Digital Payments App, Internet Banking

UPI e-RUPI Digital Payment Solution is a cashless and contactless instrument for digital payments. It acts as an e-voucher based on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries. Central govt. led by Prime Minister Narendra Modi launch e-RUPI, an e-voucher-based digital payment solution on 2 August,PM Modi to launch e-RUPI digital payment solution on August 2,e-RUPI is a cashless and contactless instrument for digital payments. It acts as an e-voucher based on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries

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UPI e-RUPI Digital Payment Solution is a cashless and contactless instrument for digital payments. It acts as an e-voucher based on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries. Central govt. led by Prime Minister Narendra Modi launch e-RUPI, an e-voucher-based digital payment solution on 2 August 2021 (Monday) via video conferencing.


The e-RUPI initiative will be one of the programs launched over the years to limit touchpoints between the government and the beneficiary. e-RUPI Digital Payment Solution will ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner.

What is e-RUPI digital payment?  Who can use e-RUPI?

National Payments Corporation of India (NPCI) in association with the Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, has launched an innovative digital solution – e-RUPI. The users of this seamless UPI e-RUPI one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the merchants accepting e-RUPI UPI. The e-RUPI voucher would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code. What is e rupaye?


UPI e Rupi Benefits for Corporates

Corporates can enable the well-being of their employees

End to end the digital transaction and doesn’t require any physical issuance hence leading to cost reduction

Voucher redemption can be tracked by the issuer

Quick, safe & contactless voucher distribution


UPI e-Rupi Benefits for Hospitals

Easy & Secure – Voucher is authorized via a verification code

Hassle-free & Contactless payment collection – Handling of cash or cards is not required

Quick redemption process – The voucher can be redeemed in a few steps and lesser decline due to the pre-blocked amount Who can use e-RUPI?


UPI e-RUPI Benefits to the Consumer

Contactless – Beneficiary should not carry a printout of the voucher

Easy redemption – 2 step redemption process

Safe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained

No digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account


List of Banks Live with e-RUPI

Bank Name Issuer Acquirer Acquiring App / Entity

Axis Bank Bharat Pe

Bank of Baroda BHIM Baroda Merchant Pay

Canara Bank NA

HDFC Bank HDFC Business App

ICICI Bank Bharat Pe & PineLabs

Indusind Bank NA

Indian Bank NA

Kotak Bank NA

Punjab National Bank PNB Merchant Pay

State Bank of India YONO SBI Merchant

Union Bank of India NA


UPI e-RUPI Development by NPCI on UPI Platform


 

UPI e-RUPI has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the following departments/ministries:-


Department of Financial Services

Ministry of Health & Family Welfare

National Health Authority

For more details, visit the official link – https://www.npci.org.in/what-we-do/upi/upi-erupi


Benefits of e-RUPI Cashless / Contactless Payment System

Here are the benefits provided by the e-RUPI Cashless / Contactless Payment System:-


e-RUPI connects the service sponsors with the beneficiaries and service providers in a digital manner without any physical interface.

e RUPI Digital Payment Solution also ensures that the payment to the service provider is made only after the transaction is completed.

This cashless/contactless system is prepaid in nature.

As UPI e-RUPI platform is prepaid in nature, it assures timely payment to the service provider without the involvement of any intermediary.

The one-time payment mechanism of e-RUPI will allow users to redeem the voucher without a card, digital payments app, or internet banking access, at the service provider.

It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.

UPI e-RUPI Digital Payment Solution can also be used for delivering drugs and diagnostics services under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana.

It is a QR Code or String Based e-Voucher which a person and purpose-specific.

UPI e RUPI Digital Payment Solution can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programs, fertilizer subsidies, etc.

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

Source:- https://www.npci.org.in/what-we-do/upi/upi-erupi

  • What is e-RUPI and how does it work?
  • Is e-RUPI a Cryptocurrency?
  • Who can use e-RUPI?
  • What is e-RUPI digital payment?
  • What is e-RUPI digital payment solution?
  • How e-RUPI will work?
  • Who can use e-RUPI?
  • What is e rupaye?

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