The E-RUPI is a digital payment service, which can be created by an E-voucher. It’s based on the QR code and SMS string, which is delivered the vouchers to the mobile phone of the beneficiaries. Prim Minister Narendra Modi launched E-RUPI cashless and contactless digital payment service on 2 August 2021. National Payment Corporation of India ( NPCI ) in association with the Department of Financial Services ( DFS ), National Health Authority (NHA), Ministry of Health & Family Welfare ( MoHFW ), and Partner banks has contributed to Launching innovative digital payment service E-RUPI.
This cashless e-RUPI service is a quick, easy, safe, and secure Service, as it keeps the personal details of the beneficiaries completely confidential. The entire transaction processing through an e-rupi voucher is relatively faster and secure as the required amount is shared in E-vouchers and sent to the needy beneficiaries. E RUPI voucher worked as similar to the prepaid gift voucher they will be redeemable at specific accessing stores without any bank details, debit and credit card, and mobile app. E RUPI direct connects with the sponsor of the scheme for distributing funds to beneficiaries. Sponsors and beneficiaries are connected in a digital manner without any physical interference.
Application of E-RUPI
- E-RUPI vouchers can be used instead of cash to help needy families or any other scheme beneficiaries.
- It is used for medical purposes, education fees, and any other work to help someone. This would help to ensure that the money given by the center was used for the specific work for which amounts had been given to beneficiaries.
- E-RUPI voucher can be utilized for Covid-19 allied health treatment and is aimed to help the tech poor section of the country.
- It is also useful for delivering services under the Indian Government schemes meant for Drug and Nutritional support mother and child welfare schemes, TB eradication program, drug & diagnostic under the scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, Fertilizer subsidiaries, etc.
Benefits of E-RUPI
- End-to-end encrypted digital transactions mad don’t require any physical issuance hence as cost reduction.
- Voucher redemption can be traceable by the issuer.
- Quick, safe, cashless, and contactless E-vouchers distribution.
- No digital or bank presence is required for consumers to redeem the voucher.
- Safe and ensure because beneficiaries don’t need to share personal details while redemption of the vouchers.
“PM Modi says E-Rupi plays an important role in boosting digital payment and Direct benefits transfer ( DBT ). It is a voucher-based digital service, e-rupi, to aid targeted transparent, leakage-free delivery.”
- The Reserve Bank of India (RBI) has enhanced the cap under e-RUPI prepaid digital vouchers. The present cap of ₹10,000 will be increased to ₹1 lakh per voucher.