The BuyT Desk
At the time when the government was planning to bring demonetization, it was also making the blueprint of digitalization. The intent behind the same was clear, reducing currency circulation and promoting digital payment. E-RUPI is an initiative in the same row. On 2nd August, the Prime Minister of India announced its launch.
The platform is named e-RUPI Digital platform, and it is a cashless and contactless platform for making payments digitally.
The e-RUPI digital payment platform has been developed by the National Payment Corporation Of India.
What is The Use Of E-RUPI, And How is it Different From Other Digital Payment Making Apps?
E-RUPI is a QR-Code or SMS string-based e-voucher that is redeemable. The beneficiary would be able to redeem the voucher without any application, card or internet banking. This program aims to connect service sponsors with service providers and beneficiaries. With this program exchange of money could be done without any physical interface and intermediary step. The app would be used to exchange money digitally in any part of the country. The only requirement of this application is that users must have a mobile phone to receive the e-voucher.
How would E-RUPI Transfer Money?
Various leading banks in India have been incorporated in this program, and they would assist users in transferring the amount. Just like other digital payment options, in this arrangement also, the receivers would be identified by their mobile number. The e-voucher generated by the sender could be redeemed only by the receiver. In easy terms, e-RUPI is a prepaid gift voucher used for money exchange.
In the coming time, the government will provide many of its services through e-RUPI as it is a leak-proof way to exchange money on the digital platform. The E-RUPI is a QR-Code or SMS string-based e-voucher. As of now, the government has announced that it is going to use this program supporting schemes made for drug and nutrition such as TB Eradication program, Ayushmann Bharat Pradhan Mantri Jan Arogya Yojana, mother and child welfare scheme, fertilizer subsidies, etc.
What Are The Key Benefits Of E-RUPI Digital Payment Platform?
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It is a cashless and contactless payment system.
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It is a leak-proof and secure payment process as it is prepaid.
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It will ensure timely payment of service as it does not involve any intermediary.
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The beneficiary does not have to have a digital payment app, internet banking, or card to receive the payment.
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The beneficiary does not have to provide any personal details
Simple Work Process
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The beneficiary receives e-RUPI QR Code or SMS.
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The beneficiary presents the voucher at the service provider outlet.
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The beneficiary would receive an OTP.
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They would share the OTP with the service provider.
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The service Provider would enter the OTP.
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The payment gets transferred to the beneficiary after the service provider clicks on the proceed button.
