On Monday, Honourable Prime Minister Narendra Modi launched ‘e-RUPI‘ via video conference. Now, you may be wondering, “What is e-RUPI?” “How does it work?” Don’t worry! Here, you will find all the important details concerned to e-RUPI.
What is e-RUPI?
e-RUPI is a contactless and cashless person and purpose-specific digital payment solution. PM Narendra Modi launches it on Monday via video conference. It is termed an SMS string-based or QR code-based e-voucher. It is delivered on the beneficiary’s mobile.
National Payment Corporation of India has developed e-RUPI in collaboration with the department of financial services, health ministry and the National Health Authority.
In the event, PM Modi said that e-RUPI vouchers will play a crucial role in making DBT more effective in digital transactions within the country. Also, it will help in providing a new dimension to digital governance in targeted, transparent and leakage-free delivery.
Mihir Gandhi – Partner & Leader – Payments Transformation, PwC India said, ‘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’.
Know The Methods To Use ‘e-RUPI’ Gift Cards
e-RUPI is comprised of vouchers that are similar to e-gift cards. These vouchers are prepaid in nature. The card’s code can be shared either via QR Code or SMS. These e-vouchers are purpose-specific or person-specific. Therefore, even if a person does not have a digital payment app or a bank account or a smartphone can avail voucher’s benefit.
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e-RUPI vouchers are mostly used for health-related payments. Also, the corporates can issue e-RUPI vouchers for their employees.
Banks Live With ‘e-RUPI’
As soon as PM Modi made e-RUPI’s official announcement, a few banks and companies have started using the e-RUPI.
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InfrasoftTech now offers an e-RUPI technology stack to banks. It helps them in bringing and executing the technology, right from integration with the existing systems to deployment as per their target beneficiaries.
As of now, InfrasoftTech is working with two of the 11 live banks as per NPCI. The two banks are Punjab National Bank and Bank of Baroda.
