Prime Minister Narendra Modi will inaugurate e-RUPI, a cashless and contactless digital payment device, over video conference on August 2. PM Modi has long been an enthusiast for digital initiatives. e-Rupi, a digital payment solution tailored to the person and the purpose of which is offered to recipients mobile, through a QR code or SMS string-based e-Voucher.
e-RUPI integrates service sponsors with recipients and service providers in a digital fashion, with no physical contact. It also guarantees that money is made to the service provider only when the transaction is accomplished. Since it is based on a prepaid approach, it ensures prompt payment to the service provider without the involvement of an intermediary.
Users will be able to withdraw the voucher at the service provider without the need for a card, digital payments app, or online banking credentials, thanks to e-one-time RUPI’s payment framework. The e-RUPI platform is a web-based platform that allows you to send and receive money. It was designed in partnership with the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority by using the National Payments Corporation of India’s existing UPI platform.
Several initiatives have been introduced over the years to ensure that benefits are delivered to their designated beneficiaries in a tailored and leak-proof approach, with few points of contact between the government and the recipient. This goal of Good Governance is furthered by the principle of an electronic voucher. It is a ground-breaking project aimed at ensuring the delivery of leak-proof welfare services.
It could also be used to allocate funds under schemes such as the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, which provides medications and nutritional support to Mother and Child Welfare schemes, Tuberculosis eradication programs, drugs, and diagnostics, and agricultural subsidies. These electronic vouchers can also be used by corporate companies as part of employee welfare as well as corporate social responsibility projects.
As earlier stated that e-RUPI platform has been developed by NPCI on its UPI platform, and banks that will be the issuing institutions have been onboarded. Any corporate, as well as government institution, will have to contact one of the partnering banks, which include both private and public-sector institutions, with the names of specific individuals and the purpose for which payments are required. The recipients will be authenticated by their mobile phone numbers, and a voucher issued by a bank to a service provider in the name of a certain individual will only be sent to that individual.