Digital Payment Solution UPI e-RUPI To Launch In India
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
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.
- 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?