PM Modi launches e-RUPI payment solution

Prime Minister Narendra Modi on Monday launched e-RUPI, an electronic voucher-based digital payment solution, via video conferencing.

“Today, the country is giving a new dimension to digital governance. e-RUPI will play a great role in strengthening DBT,” PM Modi said while launching the digital payment solution.

“e-RUPI vouchers are purpose-specific. It will ensure that the benefits of the voucher are availed for the service it is meant for. e-RUPI voucher is going to play a huge role in making DBT more effective in digital transactions in the country. This will help everyone in Targeted, Transparent and Leakage Free Delivery,” he added.

e-RUPI is a person-specific and purpose-specific payment system that will ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner.

It is National Payment Corporation of India (NPCI) Department of Financial Services, Ministry of Health and Welfare and the National Health Authority that developed the e-RUPI.

According to NPCI website, 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 merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.

This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential. The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher.

WHO WILL IT BENEFIT?

Benefits for Corporates

• Corporates can enable well-being of their employees
• End to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
• Voucher redemption can be tracked by the issuer
• Quick, safe & contactless voucher distribution.

Benefits for Hospitals

• Easy & Secure – Voucher is authorized via a verification code
• Hassle free & Contactless payment collection – Handling of cash or cards is not required
• Quick redemption process – The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount

Benefits to the Consumer

• Contactless – Beneficiary should not carry a print out of the voucher
• Easy redemption – 2 step redemption process
• Safe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
• No digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account