What is e-RUPI and how it works ?
e-RUPI
is basically a digital voucher which a beneficiary gets on his phone in
the form of an SMS or QR code. It is a pre-paid voucher, which he/she
can go and redeem it at any centre that accepts its.
For
example, if the Government wants to cover a particular treatment of an
employee in a specified hospital, it can issue an e-RUPI voucher for the
determined amount through a partner bank. The employee will receive an
SMS or a QR Code on his feature phone / smart phone. He/she can go to
the specified hospital, avail of the services and pay through the e-RUPI
voucher received on his phone.
Thus e-RUPI is a
one time contactless, cashless voucher-based mode of payment that helps
users redeem the voucher without a card, digital payments app, or
internet banking access.
e-RUPI should not be confused with
Digital
Currency which the Reserve Bank of India is contemplating. Instead
e-RUPI is a person specific, even purpose specific digital voucher.
Public Payments Corporation of India( NPCI) in association with Department of Financial Services( DFS), National Health Authority( NHA), Ministry of Health and Family Welfare( MoHFW), and mate banks, has launched an innovative digital result โ โe-RUPI โ. The druggies of this flawless one- time payment medium will be suitable to redeem the testimonial without a card, digital payments app or internet banking access, at the merchandisers acceptinge-RUPI. e-RUPI would be participated with the heirs for a specific purpose or exertion by associations or Government via SMS or QR law. This contactlesse-RUPI is easy, safe and secure as it keeps the details of the heirs fully nonpublic. The entire sale process through this testimonial is fairly briskly and at the same time dependable, as the needed quantum is formerly stored in the testimonial.
e-RUPI is a digital solution launched by the Hon’ble PM via video conferencing
to allow cashless payment solution for COVID-19 vaccination. The
digital payment solution has been developed with the support of DFS (Department of Financial Services) and NHA (National Health Authority) and is powered by National Payments Corporation of India (NPCI).
This
seamless one-time payment mechanism enables users to redeem the voucher
without a card, digital payments app or internet banking access, at the
merchants accepting UPI e-Prepaid Vouchers. The e-RUPI would be shared
with the beneficiaries for a specific purpose or activity by
organizations 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 has developed the e-RUPI ?
The
National Payments Corporation of India (NPCI), which oversees the
digital payments ecosystem in India, has launched e-RUPI, a
voucher-based payments system to promote cashless transactions.
It
has been developed in collaboration with the Department of Financial
Services, Ministry of Health & Family Welfare and National Health
Authority.
Benefits For Corporates :-
- Quick, safe & contactless voucher distribution.
- It is an end-to-end digital transaction and does not require any physical issuance (card/voucher) hence leading to cost reduction.
- Visibility for voucher utilisation – Voucher redemption can be tracked by the issuer.
- Corporates can enable well-being of their employees by distributing the UPI Prepaid Vouchers.
Benefits For Hospitals :-
- Easy & Secure – Voucher is authorised via a verification code shared by the beneficiary.
- Hassle free & Contactless payment collection – Handling of cash or cards is not required
- .Quick redemption process – The e-voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount.
Benefits For End -Users :-
- Only mobile phone and e-voucher required – Users redeeming the voucher need not have a digital payment app or a bank account.
- Safe and Secure – Beneficiaries do not need to share personal details and hence their privacy is maintained.
- Easy redemption – It is a 2-step redemption process.
- Contactless – Beneficiary need not carry a print out of the e-voucher.
Benefits Of e-RUPI Digital Payment Solution
- Cash, credit and debit cards, internet banking, or a digital payment app are not required for the e-RUPI transfer.
- Because
the transfer is person- and purpose-specific, every e-RUPI transaction
is a one-time thing. As a result, the concern of benefits being siphoned
off is uncommon. Queues, intermediaries, and touts are avoided as well.
An OTP will be needed for advancing with the e-RUPI payment at the time
of use, and therefore the intended beneficiary will remain in charge,
for the most part. - Because the beneficiary is not required to provide any personal information, the security encryption is more excellent.
- The e-RUPI
payment solution enables the beneficiary to conduct financial
transactions even if they do not have an account. Higher take-up in
rural regions and among financially disadvantaged persons would be
conceivable because of this flexibility in the system. - There is
also a huge opportunity to benefit small businesses through various
government programs directly. This would aid the impoverished in
reaching long-term economic objectives and livelihoods. - It will
aid in the financial integration of the residents of the country. It
will also ensure that public services reach out to lists-mile consumers
efficiently and transparently, with no leakage. - The e-RUPI solution is not only secure but also simple to use. As a result, illiterate people will benefit from this technology.
Banks Live with E-RUPI :-
- State Bank of India
- HDFC Bank
- Axis Bank
- Punjab National Bank
- Bank of Baroda
- Canara Bank
- Union Bank Of India.
- IndusInd Bank
- ICICI Bank
- Indian Bank
- Kotak Mahindra Bank.
FAQ :-
โข Axis Bank.
โข Bank of Baroda.
โข Canara Bank.
โข HDFC Bank.
โข ICICI Bank.
โข Indusind Bank.
โข Indian Bank.
โข Kotak Bank.
e-RUPI transaction rules: The RBI on Thursday (10th February, 2022) proposed to increase the cap on e-RUPI vouchers from Rs 10,000 to Rs 1 lakh. The use of e-RUPI voucher multiple times has also been allowed.