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PM Narendra Modi introduces electronic voucher payment solution, e-RUPI

  by NEWSNER , 2021-08-03 09:48:09


PM Narendra Modi introduces electronic voucher payment solution, e-RUPI

 

Prime Minister Narendra Modi launched e-RUPI, a digital payment option, via video conferencing on Monday. It is a person- and purpose-specific payment system that ensures that benefits are delivered to their intended recipients in a targeted and leak-proof way. It is a digital payment mechanism based on electronic vouchers.

 

The National Payment Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Welfare, and the National Health Authority developed the e-RUPI platform.

 

He said the e-RUPI voucher was a reflection of how India was advancing by integrating people's lives with technology while speaking at the event. He expressed his delight that this forward-thinking reform plan had arrived at a time when the country was commemorating the 75th anniversary of its independence with the Amrit Mahotsav.

 

In addition to the government, he claimed that any organisation wishing to assist someone with their treatment, schooling, or other work might do so by giving an e-RUPI voucher rather than cash. This would ensure that the money he gave was used for the purpose for which it was provided.

 

There was a time when technology was thought to be the domain of the wealthy, with no place for it in a developing country like India. He noted, "Today, we see technology as a means to help the poor, as a tool for their advancement."

 

 

 

The following is everything you need to know about e-RUPI:

 

WHAT EXACTLY IS e-RUPI?

 

According to a statement made by the Prime Minister's Office (PMO), e-RUPI is a cashless and contactless digital payment device. It is a QR code or SMS string-based e-voucher, according to the statement, that is transmitted to beneficiaries' mobile phones.

 

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 when the transaction has been completed.

 

e-RUPI coupons will be issued and redeemed by State Bank of India (SBI), ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Axis Bank, and Bank of Baroda. For the time being, only e-RUPI coupons will be issued by Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra Bank, and Union Bank of India.

 

WHO WILL BE ADVANTAGED?

 

The e-RUPI digital payment solution will be used to deliver services under various welfare schemes, including drugs and nutritional support under Mother and Child Welfare Schemes, TB eradication programmes, drugs and diagnostics under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies, and so on.

 

According to the government, the digital tokens can also be utilised by the business sector for employee welfare and CSR activities.

 

e-RUPI's MAIN BENEFITS

 

1) Establishes a digital link between service providers and recipients.

2) Digital payment that is both cashless and contactless.

3) Assures that various social services are delivered in a leak-proof manner.

 

Source: https://www.indiatoday.in/business/story/pm-modi-launches-e-rupi-all-you-need-to-know-about-the-digital-voucher-based-payment-solution-1835774-2021-08-02