Prime Minister Narendra Modi on Monday, 2 August 2021, released India’s new virtual answer, e-RUPI. This new mechanism is stated to be someone and reason precise price option.
The release occasion befell at 4:30pm through video conferencing.
e-RUPI is an opportunity virtual price answer evolved through National Payments Corporation of India (NPCI) on its UPI platform, in affiliation with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and accomplice banks.
“”e-RUPI voucher goes to play a big position in making Direct Benefit Transfer (DBT) extra powerful in virtual transactions withinside the country. This will assist all of us in Targeted, Transparent, and Leakage Free Delivery.”” – Prime Minister Narendra Modi
What is e-RUPI?
e-RUPI is a one-time, seamless, and contactless price mechanism released through NPCI As point out above, it’s far someone and reason precise, voucher primarily based totally price answer, which may be redeemed through the consumer with none card, virtual bills app or net banking access, on the carrier company.
How will e-RUPI work?
As stated above, e-RUPI might be a voucher primarily based totally price answer. Users of the carrier gets a QR code or SMS string-primarily based totally e-Voucher through businesses or Government for a particular reason, which they’ll be capable of redeem with out the use of any cards, virtual price packages or net banking offerings.
According to the reliable notification, e-RUPI is a pre-paid carrier, and could make certain that the price to the carrier company for a particular reason or hobby is made best after the transaction is completed.
The e-RUPI voucher might be issued through accomplice banks.
Which banks will difficulty e-RUPI?
Currently, 11 banks have partnered up with NPCI assisting e-RUPI. These banks are:
Bank of Baroda
Punjab National Bank
Union Bank of India
State Bank of India
What are the advantages of e-RUPI?
According NPCI, e-RUPI has been evolved to offer leak proof, rapid and secure price mechanism to its beneficiaries. It similarly delivered that the info of the customers might be secure and absolutely confidential. There are many different advantages of e-RUPI:
It is a contactless price answer. The beneficiary does now no longer want to hold a print out of the voucher
Beneficiaries doesn’t want to percentage their private info even as redeeming the voucher. Hence, it’s far safer
Beneficiaries do not want a virtual price software or a financial institution account so one can redeem the voucher
It is an easy, two-step redemption process
Users can music their voucher redemption process
Since, it’s far an give up to give up virtual transaction, it does not require any bodily issuance. Therefore, it’s far a extra value powerful price answer
Private can use those virtual vouchers for the welfare in their employees
According to the reliable notice, e-RUPI carrier also can be used to offering offerings beneathneath diverse authorities schemes like TB eradication programmes, offering capsules and dietary aid beneathneath Mother and Child welfare schemes, fertilizer subsidies, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, etc.