Explained: PM Modi launches e-Rupi | What is the new digital payment solution and how does it work?
New Delhi | Jagran News Desk: Prime Minister Narendra Modi launched a digital payment platform called e-RUPI via video conferencing at 4:30 pm today, August 2. The platform is developed by the National Payments Corporation of India in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority. It is said to be a person and purpose-specific digital payment solution.
Calling it a means to boost transparent digital transactions in the country PM Modi said "E Rupi voucher will play a role in boosting digital transactions & DBT in the country. This will help everyone in targetted, transparent & leakage free delivery."
Here's all you need to know about the e-RUPI platform.
What is e-RUPI?
According to the Prime Minister's Office (PMO), 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 phones of the beneficiaries. It acts like a one-time payment mechanism using which users can redeem the voucher without a card, digital payments app, or internet banking access, at the service provider.
How does it work, what are the benefits of e-RUPI?
1. One of the first and foremost benefits of e-RUPI is that it is a cashless and contactless digital payment.
2. The second benefit of e-RUPI is that it connects service sponsors and beneficiaries digitally.
3. The third benefit is that the platform ensures leak-proof delivery of various welfare services.
4. As mentioned earlier, the fourth benefit is that e-RUPI is QR code or SMS string-based e-voucher. It is delivered to the mobile of the beneficiaries.
5. It is a one-time payment mechanism using which users will be able to redeem the voucher without a card, digital payments app, or internet banking access, at the service provider.
6. Payment to the service provider is made only after the transaction is completed.
7. It can also be used for services under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana and fertilizer subsidy.
8. It can also be used by the private sector for its employee welfare and corporate social responsibility programmes.
Posted By: Sugandha Jha