e-RUPI Digital Payment- Benefits, Features and Download e RUPI App

e-RUPI Digital Payment- Benefits, Features and Download e RUPI App: Prime Minister Narendra Modi had announced the launch of e-Rupi, a voucher-based digital payment system, on 02 August 2021, in an initiative to improve living standards through technology.

Developed by the National Payments Corporation of India on its UPI platform in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority, the program will ensure that benefits reach their intended beneficiaries in targeted and leakages.

Digital technology is changing lives in a big way and driving the ‘Ease of Living’. Which is a futuristic digital payment solution that offers multiple benefits for its users,

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What is e-RUPI Digital Payment?

e-RUPI, the one-time payment mechanism, is a cashless and contactless medium for digital payments, either in the form of QR code-based or SMS string-based e-vouchers. Users can access the voucher at the service provider without a card, digital payment app or internet banking access.

How does e-RUPI Digital Payment Work?

Apart from digitally connecting the sponsors of the services with the beneficiaries and service providers, e-Rupi assures timely payments without the intervention of any intermediary. Under NPCI UPI platform, private and public sector banks will be linked as issuing entities. Once this is done, these entities will be contacted by various government agencies with specific beneficiary details, payment objectives and other information.Once the beneficiary is identified using their mobile number, a voucher will be specially generated and given to the individual for use.

Difference Between e-RUPI Digital Payment and Virtual Currencies

e-Rupi is different from virtual currencies as it is backed by Indian currency as the underlying asset. In an effort to plug the digital loophole, the government is planning to implement a central bank digital currency, or CBDC, across the country.

The e-Rupi will have a pre-allocated amount along with an SMS voucher or QR code and can be used only once by the person in whose name it has been issued. Whereas, digital or virtual currency can be used for any transaction.

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Difference Between e-RUPI and Rupay

RuPay Debit Card, introduced by NPCI in 2012, is a plastic card issued by your bank where you have an account and can use the service for ATM withdrawals, online transactions and card payments. Whereas, e-Rupi is an e-voucher based digital payment solution.

Benefits of e-RUPI Digital Payment

The purpose of e-RUPI is to leak-proof welfare services like nutritional support under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, schemes related to maternal and child welfare schemes, TB eradication programme, fertilizer subsidy, medicines and diagnostics.

Corporates can use e-Rupi to ensure the well being of their employees and cover their healthcare and travel expenses.

Due to its contactless facility, beneficiaries need not carry a printout of the voucher and need not share their personal details during the transaction.

Banks supporting e-Rupi are Axis Bank, Canara Bank, IndusInd Bank, Kotak Bank, Indian Bank, Union Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank, State Bank of India.

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Features of e-RUPI Digital Payment

• e-Rupi is a cashless and contactless means of digital payments. It is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries.
• It has been developed by National Payments Corporation of India on its UPI platform in collaboration with Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.
• Users of this one-time payment system will be able to use the vouchers at merchants accepting e-Rupi without having to access cards, digital payment apps or internet banking.
• The e-Rupi will be shared with the beneficiaries through SMS or QR code by the organizations or the government for a specific purpose or activity.
• For example, if the government wants to cover the special treatment of an employee in a specified hospital, it can issue an e-Rupi voucher for a specified amount through a participating bank. The employee will receive an SMS or a QR code on his phone. He can visit the designated hospital, avail the services and make the payment through the e-Rupi voucher received on his phone.
• The entire transaction process through this voucher is relatively fast as well as reliable, as the required amount is already stored in the voucher.
• e-Rupi connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
• Being pre-paid in nature, it assures the service provider of timely payment without the involvement of any intermediary. And it also ensures that payment is made to the service provider only after the transaction is completed.\
• Initially, the e-Rupi facility is available for healthcare services and will be expanded to other areas.
• It can also be used to provide services under schemes providing medicines and nutritional support, medicines and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, Fertilizer Subsidy, etc.

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National Payments Corporation of India

• The National Payments Corporation of India (NPCI), an umbrella organization, is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to drive better payment and settlement systems in India. Working under the Systems Act, 2007 to create a robust payment and settlement infrastructure in India.
• It was established in 2008.
• Keeping in view the utility nature of the objectives of NPCI, it has been incorporated as a “not for profit” company with the objective of providing infrastructure for the entire banking system in India with physical as well as electronic payment and settlement systems.
• The company is focused on bringing innovation to retail payment systems through the use of technology to achieve greater efficiency in operations and widen the reach of payment systems.

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Download e-RUPI Digital Payment Mobile App

• First of all open Google play store/Apple App Store
• Now in the search e-RUPI Digital payment
• click on the first option
• Then click on install
• e-RUPI digital payment App will download in your Mobile.