The digital payments system e-Rupi will be launched today by the prime minister of India, Narendra Modi. A video-conferencing system will be used to conduct the launch. The PMO says that the Prime Minister has been strongly in favour of digital initiatives, such e-Rupi, and that position has not changed.
In partnership with the Department of Financial Services, Ministry of Health & Family Welfare, and the National Health Authority, the National Payments Corporation of India has created e-Rupi on the UPI platform.
In order to ensure that the intended beneficiaries are able to access the benefits in a targeted and leak-proof way, the PMO announced numerous initiatives.
E-RUPI? What is it?
The E-Rupi is a digital currency and contactless payment instrument that utilises Internet and mobile technologies. e-voucher technology is either QR code-based or SMS string-based. When generated, this voucher will be delivered to the cellphone of the beneficiaries. You may use this voucher without using a card, digital payments app or the internet.
This seamless payment method connects sponsors and beneficiaries while simultaneously distributing resources. It also ensures that the service provider is only paid when the transaction has been completed.
In that regard, it’s analogous to a prepaid service, in which the user provides money directly to the service provider, without the use of a middleman.
Additionally, it can be used for providing services in schemes designed to supply medicines and nutritional support, as well as for TB eradication campaigns, diagnostics, and fertilisers under Mother and Child Welfare Programs, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, and similar other programmes.
According to the statement, private companies can use these digital vouchers as part of their employee welfare and corporate social responsibility programmes.