E-RUPI Launched By Prime Minister Modi A Digital Payment Interface

Following the mission of digital India, Prime Minister Narendra Modi launches a digital Payment solution through video conferencing, namely e-RUPI. It is a digital voucher-based application to facilitate the cashless transfer. As mentioned by the government sources, this technology is based upon the government’s pre-launched Bhim UPI application. Prime Minister mentioned that the pandemic impacted people unfavorably even in doing daily chores, however by the virtue of such digital apps, there is the ease of conducting transactions.

He added that more than 300 crores utilized the UPI transaction platform alone in July, wherein the amount of approximately Rupees 6 lakh crores was involved. e-RUPI is generated by the National Payment Corporation Of India (NPCI). Plus, it is supported by the finance department and ministry of health and welfare along with multiple banks.

How does E-RUPI work?

The e-voucher is issued by the National Corporation of India, which would be sent directly on the mobile of the beneficiaries. The voucher is for one-time use, likewise OTP. The generated e-voucher through QR code or SMS string is sufficient to enable electronic transfer, is directly delivered to mobile beneficiaries.

There are no third parties or agents involved in the transaction. Moreover, the voucher delivered could only be used for the purpose intended to make payment to the service provider.

And will remain on the phone till you receive the services. It will have some tenure limit, within which it ought to be utilized. The pre-paid method is somewhat similar to mobile recharge. It has ensured value in it, therefore,  the service provider will also get confirmed payment.

Major Advantages Of E-RUPI Are Mentioned As Below

• Cashless Method:- One-time use voucher, a contactless and cashless interface. e-RUPI links the services providers with the beneficiaries in a digital mode without any physical platform. Payment is initiated only after the services are certainly delivered.
• Security Assured:- Being backed by the government, it is undoubtedly a secure and trustworthy platform. Simply put, all the personal information of the benefits is kept private and is leak-proof. E-RUPI prevent corruption and boost transparency is also one of the key objectives behind its development.
• Elimination Of Middlemen:- In E-RUPI No requirement of a card, e-banking, or app for voucher redeem. QR code or SMS string is capable to enable electronic transfer. Thereby, no middlemen are involved to prevent any kind of physical interface.

For instance, in the time of crisis, like floods, earthquakes, etc, the government can send e-vouchers directly in the phone of affected people without assigning this work to its officials. The beneficiaries can redeem the amount identical to any e-gift vouchers.

• Social Inclusion:- The software is the part of inclusion policy of the government, says PM Narendra Modi. Earlier only upper-class or rich people used to enjoy the benefits of digital transfer apps. In the opinion of Mr. Modi, this application would be rather beneficial for all sorts of people, encompassing, farmers, poor, low-level employees, etc. It will empower aboriginal minorities either for paying to sellers, organizations, or friends. Users can avail the facility of several government schemes through this app.