What is Digital Voucher E-Rupee? How e-RUPI work

Ground Report | New Delhi: What is Digital Voucher E-Rupee; India is going to take another big step in the field of digital payments today. Prime Minister Narendra Modi will launch e-voucher-based digital payment solution e-RUPI through video conferencing today. Through this, the benefits to the beneficiaries will be able to reach them without leakage, that is, there will be no middleman or intermediary in the middle. 

The platform, which has been developed by the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare, and the National Health Authority, will be an individual-specific and purpose-specific payment system.

What is Digital Voucher E-Rupee

• Digital Voucher E-Rupee e-RUPI is a cashless and contactless method.

•  It is a QR code or SMS string-based e-voucher, which is sent to the mobile of the beneficiaries. 

• Users of this one-time payment mechanism will not need to access any card, digital payment app, or internet banking on the service provider to redeem the voucher. 

• E-RUPI interconnects the sponsors of services with the beneficiaries and service providers in a digital manner without any physical interface and also ensures that payment is made to the service provider only after the transaction is completed.

•  Being prepaid, it pays the service provider on time without any intermediary involved. This can be a revolutionary step towards ensuring leak-proof delivery of services.

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Benefit 

The e-RUPI platform can be used in many social welfare schemes. Ayushman Bharat can also be done for providing services under schemes like Pradhan Mantri Jan Arogya Yojana, Fertilizer Subsidy under Mother and Child Welfare Schemes, TB eradication programmes, medicines, and schemes for giving nutritional support under diagnostics. Even the private sector can use these digital vouchers as part of their employee welfare and corporate social responsibility programmes.

The main objective of launching the digital payment solution e-RUPI is to make online payment more easy and secure. The platform has been developed by the National Payments Corporation of India (NPCI) in association with the Department of Financial Services, Ministry of Health and Family Welfare, and National Health Authority.

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What is UPI?

Unified Payment Interface/UPI is a real-time payment system that enables instant money transfer to a bank account through the mobile app. The special thing is that an e-rupee is also created on the UPI platform but a mobile app will not be required to redeem it.

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