PM Modi today announced India’s new digital payment solution- e-RUPI, which is a prepaid e-voucher. This will be issued to anyone so that the benefits from the government and other authorities can reach their beneficiaries without any hassle and in a leakproof manner. In this article, we will have answered some questions about this new Indian digital payment solution, such as how it will work and how to use it. Read on to know more!
Everything to know about e-RUPI
If you’ve just heard about this e-voucher system and wondering what exactly it is and how can it be issued or redeemed, you are at the right place. Read everything about the new digital payment initiative here.
What is e-RUPI?
e-RUPI is a prepaid e-voucher that can be redeemed without any card, app, or net banking. It is launched by the National Payments Corporation of India (NPCI) in partnership with the Department of Financial Services, National Health Authority, Ministry of Health and Family Welfare (MoHFW), and the leading banks in India.
It is a QR-code-based, or SMS string-based e-voucher that will be delivered to the phone of the beneficiary. The beneficiaries can then redeem the voucher at the merchants who accept e-RUPI by scanning the QR code they’ve received on their phones or using the code they’ve received in the SMS.
e-RUPI vouchers can be redeemed without the need for a debit or credit card, digital payments app, or net banking access. Some hospitals and banks will soon start accepting this voucher.
Which banks accept e-RUPI?
Currently, 11 banks can issue e-RUPI and among which 6 banks can acquire or accept the voucher. The issuer banks are Axix Banks, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indusind Bank, Indian Bank, Kotak Bank, PNB, SBI, and UBI.
However, only Axis Bank, HDFC Bank, ICICI Bank, Bank of Baroda, PNB, and SBI can acquire e-RUPI vouchers which means these banks will accept e-RUPI.
How will E-RUPI work?
When some authorities, like Government, will issue e-RUPI vouchers to some people, they will receive a QR code or SMS with a code on their mobile phones. The identity and mobile number of that person will be verified before issuing the voucher.
After that, they can redeem this voucher by visiting any accepting banks or other places where this voucher is redeemable. Apart from the banks, this can be redeemed at some hospitals as of now.
One thing is also to be noted here that it’s a purpose-specific solution which means if it’s issued to buy medicines, y6ou will only be able to buy medicines with it.
Where e-RUPI vouchers can be used?
The government says that e-RUPI is designed to deliver leak-proof welfare schemes to the target beneficiaries. So, the voucher can be used for schemes like Mother and Child welfare, TB eradication programs, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, and fertilizer subsidies, etc.
The government also says that the private corporate sector can also leverage these e-vouchers for the welfare of their employees.
What are the benefits of e-RUPI?
As mentioned, this is primarily meant to deliver welfare scheme money to the needy without any physical contact. So following are some benefits of this voucher:
- The beneficiaries will be able to redeem the voucher without a card, mobile app, or net banking access.
- Moreover, since it is pre-paid voucher, it will ensure timely payment to the beneficiary without involving any intermediary.
- The best part is that when the coupon is successfully redeemed by the beneficiary, only after that the service provider will get the money.
- Lastly, since it’s is a purpose-specific voucher so it cannot be misused in buying something else with that money.
This was all about e-RUPI and how it will work in the coming days. If you still have any queries related to this new digital payment, you can ask us in the comments below. For more updates, please stay tuned!
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