Recently, PM Modi launched a new digital payment system for India that is e-RUPI. This platform was collaboratively developed by the department of National Payments Corporation of India (NPCI) with the help of financial services, the National Health Authority, and the Ministry of Health and Family Welfare.
Do You Know About e-RUPI?
e-RUPI is the contact-free and cash-free way that can be used for digital payment. It is based on the QR code and SMS string that is based on the e-voucher delivered to beneficiaries of the mobile. Its users enjoy a hassle-free mechanism of one-time payment which makes them able to redeem vouchers without any card, payment applications, and access internet banking with the help of a service provider.
How’s e-Rupi Working?
e-Rupi digitally connects beneficiaries and sponsors to service providers without any kind of physical interface. It ensures that payment to the service provider will be made only after the completion of the transaction. e-Rupi system is prepaid in nature and guarantees timely payment without intermediary involvement.
Benefits of e-Rupi
e-RUPI ensures the leak-proof delivery system for the welfare service. It can also be used to deliver services under schemes that are meant to provide drug and nutritional support under the program of TB eradication, Mother and Child Welfare, drugs and diagnostics schemes, fertilizer subsidies, and many more.
Private sectors may leverage such digital vouchers of e-Rupi as part of corporate social responsibility and employee welfare programs.