How to Explain E-Rupi to Your Grandparents
What is the e-RUPI? It is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
Is e-RUPI a Cryptocurrency? E-RUPI is a digital prepaid voucher that is paid for by the government. "In terms of technology, e-RUPI is different from cryptocurrencies, as the digital tokens are based on blockchain technology. However, it enables end-to-end digital transactions without any physical intermediary," said Shetty of Wazir X.
What is e-RUPI launch? Prime Minister Narendra Modi launched a contactless, prepaid, electronic prepaid system called e-RUPI on Monday. e-RUPI will be in the form of SMS strings or a Quick Response (QR) code delivered directly to beneficiaries of intended welfare schemes by government agencies and corporates.
What is e-RUPI voucher? e-RUPI is a digital voucher that can be redeemed by beneficiaries when they make use of any specific government services. The digital system does not require a card, app or internet access to redeem the vouchers.
Who can use e-RUPI? The e-Rupi vouchers issued by this system can be used only by the person to whom he would have been allotted e-Rupi vouchers. In a statement issued by the PMO, it was said that Sakar can also use this system in Ayushman Bharat, Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc.
What is new digital currency? e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS string or a QR code. Written by Pranav Mukul | New Delhi | August 1, 2021, 11:35:21 pm. e-RUPI is a cashless and contactless digital payments medium.
What is an e-RUPI digital payment solution? e-RUPI is a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.
e-RUPI is a cashless and contactless person- and purpose-specific digital payment solution launched by Prime Minister Narendra Modi via video conference on Monday, Aug - 2021.
Addressing the event, the Prime Minister said that the e-RUPI voucher is going to play a huge role in making DBT more effective in digital transactions in the country and will give a new dimension to digital governance. This will help everyone in targeted, transparent and leakage-free delivery. He said e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology.
'e-RUPI can be issued by a government or by corporates to their employees for targeted use as it only allows purchase from merchant outlets, but does not permit direct cash-out or peer-to-peer transfer," said Mihir Gandhi - Partner & Leader - Payments Transformation, PwC India.
What is e-RUPI: It is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider. It has been developed by the National Payments Corporation of India in collaboration with the department of financial services, health ministry and the National Health Authority.
How to use e-RUPI vouchers: These vouchers are like e-gift cards, which are prepaid in nature. The code of the cards can be shared either via SMS or the OR code can be shared. These e-vouchers will be person and purpose-specific. Even if one does not have a bank account or a digital payment app or a smartphone can benefit from these vouchers.
Where will e-RUPI vouchers be used: These vouchers will be used mostly for health-related payments. Corporates can issue these vouchers for their employees. List of banks that are live with e-RUPI InfrasoftTech provides an e-RUPI technology stack to banks by helping them in implementing the technology - right from integration with the existing systems to deployment as per their target beneficiaries. Currently, it is working with two of the 11 live banks as per NPCI. It is shortly adding more client banks with e-RUPI features. The two banks are Punjab National Bank and Bank of Baroda.