Narendra Modi to launch e-RUPI on 2nd August, What is & Benefits

By | August 27, 2021

Narendra Modi to launch e-RUPI on 2nd August : e-RUPI is a digital solution launched by the Honerable Prime Minister Shree Narendra Modi to allow cashless payment solution for COVID-19 vaccination. The digital payment solution has been developed with the support of  Department of Financial Services and NHA (National Health Authority) and is powered by National Payments Corporation of India (NPCI).

Narendra Modi to launch e-RUPI on 2nd August

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.

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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.

The main objective of this solution is to make online payment easy and secure. The platform has been developed by the National Payments Corporation of India in collaboration with the Financial Services Department, the Ministry of Health and Family Welfare and the National Health Authority

Narendra Modi to launch e-RUPI on 2nd August

Benefits for Corporates

  • Corporates can enable well-being of their employees by distributing the UPI Prepaid Vouchers
  • 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
  • Quick, safe & contactless voucher distribution

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

  • Contactless – Beneficiary need not carry a print out of the e-voucher
  • Easy redemption – It is a 2-step redemption process
  • Safe and Secure – Beneficiaries do not need to share personal details and hence their privacy is maintained
  • Only mobile phone and e-voucher required – Users redeeming the voucher need not have a digital payment app or a bank account

Takaking the first step towards having a digital currency in the country, Prime Minister Narendra Modi will launch an electronic voucher based digital payment system “e-RUPI” Monday. The platform, which has been developed by the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority, will be a person-specific and purpose-specific payments system.

How will e-RUPI work?

  • E rupi UPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code. This will essentially be like a prepaid gift-voucher that will be redeemable at specific accepting centres without any credit or debit card, a mobile app or internet banking. e-RUPI will connect the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
  • Following are e-RUPI benefits to the consumer:
  • Contactless – beneficiary should not carry a printout of the voucher
  • Easy redemption – 2 step redemption process
  • Safe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
  • No digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account

Which banks are live with e-RUPI?

  • Axis Bank
  • Bank of Baroda
  • Canara Bank
  • HDFC Bank
  • ICICI Bank
  • IndusInd Bank
  • Indian Bank
  • Kotak Bank
  • Punjab National Bank
  • State Bank of India
  • Union Bank of India

Narendra Modi to launch e-RUPI on 2nd August official News : Click Here

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Narendra Modi to launch e-RUPI on 2nd August – What is it ? II Narendra Modi to launch e-RUPI on 2nd August II Narendra Modi to launch e-RUPI on 2nd August – Benefits of it II Narendra Modi to launch e-RUPI on 2nd August – How it Will Work II

Narendra Modi to launch e-RUPI on 2nd August
Narendra Modi to launch e-RUPI on 2nd August

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