New E-RUPI crypto currency launched by government of India

The wait is over, New E-RUPI Crypto currency launched by Government of India.

 

It is an e-voucher based digital payment platform launched by Indian Government. On August 2, 2021, the platform’s digital payment platform was launched. The article below explains everything about the program and its benefits. To learn more about the event, take a look below at the video.

This program would make sure that beneficiaries receive their benefits in a leak-proof manner.

According to the PMO, “It would ensure that benefits reach their intended beneficiaries in a targeted manner and leak-proof.” Learn all about eRUPI by reading the article.

What is eRUPI?

It can be thought of as a prepaid gift voucher such as Sodexo coupons that can be used at certain accepting centres.

It is an electronic coupon that can be accessed from any device, without the need for any mobile banking or credit card.

The platform connects the service providers and sponsors to each other without the need for any physical interaction.

The issuing entities will include banks from the private and public sectors.

  1. e RUPI can be used to make digital payments.
  2. It can be used as an electronic voucher that is based upon a QR code, or a SMS string. The beneficiary would receive it directly.
  3. This would make it a less contact method.
  4. e-RUPI allows sponsors to connect with beneficiaries without having to make contact.
  5. The beneficiaries and e-service providers do not communicate with each other.
  6. Prepaid services are a way to ensure that payment is made after the transaction has been completed.
  7. It is easy to pay the service provider because it is pre-paid.
  8. It’s a one-time payment method that allows users to redeem the coupon without the need for a card, digital payment apps, or internet banking.
  9. Private companies can also use e vouchers as part of their employee welfare or corporate social responsibility. This information was provided by the PM Office in a statement.

How it works

These banks can be contacted by any private agency or government agency to provide details about specific people and the purpose for the payment.

These beneficiaries or persons will be identified by their mobile number. They will receive a voucher from the bank via SMS/QR Code.

This is a different way to put cash in bank accounts.

Its Benefits

e-RUPI was created to ensure that welfare services are delivered securely.

It eliminates the need to hire middlemen and removes direct cash from the equation.

This would help to reduce fraud and corruption.

Uses

These services include the delivery of direct benefit transfer (DBT), schemes such as:

  • Providers of drugs and nutritional support to Mother and Child welfare programs
  • TB eradication programmes
  • Ayushman Bharat Pradhan Mantri January Arogya Yojana provides drugs & diagnostics
  • Fertiliser subsidies, etc

The platform can be used by the corporate sector for employee welfare programs and corporate social responsibility.

It does not need to be physically issued, so it can help a company’s cost-reduction plans.

The voucher issuer can track the redemption of the voucher, which is an additional advantage.

Significance for the Economy and The Poor

e-RUPI is a digital payment infrastructure solution that can be used to address the digital currency’s future success.

The existing Indian rupee is the underlying asset.

Because it is specific to its purpose, it is distinct from virtual currency. This ensures that the benefit can only be used for the purpose intended.

This is also a benefit to the large Indian population who are not banked or have limited internet access.

Banks supporting e-RUPI

This new digital payment method is currently supported by 11 banks, both public and private.

These banks offer:

  • State Bank of India
  • ICICI Bank
  • HDFC Bank
  • Punjab National Bank
  • Axis Bank
  • Bank of Baroda

These banks can issue and redeem e-RUPI coupon coupons.

The issuance of these coupons is not dependent on bank account details of the beneficiary.

These coupons can be issued by the following banks, but cannot be redeemed:

  • Canara Bank
  • IndusInd Bank
  • Indian Bank
  • Kotak Mahindra Bank
  • Union Bank of India

Who has developed e-RUPI?

The e-RUPI platform was developed by the National Payments Corporation of India (NPCI), using its UPI platform. It is a collaboration between the Department of Financial Services and the Ministry of Health and Family Welfare, and the National Health Authority.

According to the PMO, this statement stated that “It is expected to represent a revolutionary initiative in order to ensure a leak-proof delivery system for welfare services.” It can also be used to deliver services under programs that provide drugs and nutritional support under Mother-Child welfare schemes, TB Eradication programmes, and TB eradication schemes.

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