E-RUPI Launch By PM Modi | How does E-RUPI work?
E-RUPI Launch By PM Modi | How does E-RUPI work? PM Modi Launches e-RUPI. Govt to Send Money via SMS Vouchers to your Mobile, How to Use e-RUPI Digital Payment: Under this mode, the beneficiaries will get an electronic voucher or coupon that can be used without online banking, payment applications and other traditional payment modes.
E-RUPI Launch by PM Modi: Prime Minister Narendra Modi on August 2 launched digital payment solution e-RUPI at 4.30 pm via video conferencing. e-RUPI is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries. The payments platform has been developed by the National Payments Corporation of India (NPCI) on its UPI platform, in collaboration with the Department of Financial Services (part of the Ministry of Finance), Ministry of Health & Family Welfare (MohFW) and the National Health Authority.
How does e-RUPI work?
A cashless and contactless solution for digital payment, e-RUPI is a QR code or SMS-string based e-voucher, delivered to the mobile of a beneficiary. A user can, then, redeem the voucher without any card, digital payment app, or Internet banking access, at the service provider - similar to a gift card. It basically brings the sponsor of the services in touch with beneficiaries without any physical interface.
How will these vouchers be issued?
The system has been built by NPCI on its UPI platform, and has onboarded banks that will be the issuing entities. Any corporate or government agency will have to approach the partner banks, which are both private and public-sector lenders, with the details of specific persons and the purpose for which payments have to be made. The beneficiaries will be identified using their mobile number and a voucher allocated by a bank to the service provider in the name of a given person would only be delivered to that person.
What's the purpose of e-RUPI?
The government said in a statement that e-RUPI is a revolutionary step towards ensuring a leak-proof delivery of welfare services to the intended beneficiaries. It can also be used to deliver services under schemes on drugs and nutritional support, under Mother and Child welfare schemes, TB eradication programmes, drugs and diagnostics, and other schemes like Ayushyman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc. Besides, even the private sector can make use of this concept for their employee welfare and CSR initiatives, the Prime Minister's Office said.
List of Banks Using e-RUPI Digital Payment
At present, there are 11 public and private sector banks that support this new digital payment mode. State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank, Axis Bank and Bank of Baroda fully support e-RUPI vouchers. Both issuance and redemption of e-RUPI coupons are available at these banks.
Banks including Canara Bank, InsusInd Bank, Indian Bank, Kotak Mahindra Bank and Union Bank of India can only issue e-RUPI coupons. Reedeming digital vouhcer option is not available at these lenders.
“The concept of electronic voucher takes forward this vision of Good Governance. It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services," the Centre said.