What is e-RUPI and how it works?
e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. It is a pre-paid voucher, which he/she can go and redeem at any centre that accepts it.
For example, if the Government wants to cover a particular treatment of an employee in a specified hospital, it can issue an e-RUPI voucher for the determined amount through a partner bank. The employee will receive an SMS or a QR Code on his feature phone/smartphone. He/she can go to the specified hospital, avail of the services and pay through the e-RUPI voucher received on his phone.
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Thus e-RUPI is a one time contactless, cashless voucher-based mode of payment that helps users redeem the voucher without a card, digital payments app, or internet banking access.
India’s forex reserves have reached a new lifetime high of $621.5 billion.
e-RUPI should not be confused with Digital Currency which the Reserve Bank of India is contemplating. Instead, e-RUPI is a person-specific, even purpose-specific digital voucher.
Who has developed the e-RUPI ?:
The National Payments Corporation of India (NPCI), which oversees the digital payments ecosystem in India, has launched e-RUPI, a voucher-based payments system to promote cashless transactions.
Which Banks issue e-RUPI ?:
NPCI has partnered with 11 banks for e-RUPI transactions. They are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India.
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