Prime Minister Narendra Modi unveiled e-RUPI, a person and purpose-specific digital payment system, on Monday in New Delhi.
PM Modi announced the launch of the electronic voucher-based digital payment system, e-RUPI, via video conferencing, saying that it will help with targeted, transparent, and leakage-free distribution. “e-RUPI is an example of how India is using innovative technology to go forward and connect people in the twenty-first century. I’m delighted it began in the year that India celebrates its 75th anniversary of independence “PM Modi stated.
- e-RUPI is a cashless and contactless digital payment system.
- The e-Voucher is based on a QR code or SMS string.
- An e-RUPI voucher is not only purpose-specific, but also person-specific, ensuring that the benefit is used for its intended purpose.
- The beneficiaries’ mobile phones get the digital payment.
- Users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without the usage of a card, digital payments app, or internet banking access.
- It was created in partnership with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority using the National Payments Corporation of India’s UPI platform.
- e-RUPI establishes a digital link between service sponsors and beneficiaries and service providers, eliminating the need for a physical interface.
- It also ensures that the service provider is only paid after the transaction has been completed.
- Because it is pre-paid, it ensures prompt payment to the service provider without the need for an intermediary.
– In addition to the government, the e-RUPI voucher can be utilized by private persons and companies to ensure that donations are used for the intended purpose.