To further promote digital payments in India, National Payments Corporation of India (NPCI) has launched this voucher-based payment system e-Rupee to promote cashless transactions. It has been developed in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.
Prime Minister Narendra Modi on 2 August 2021 officially launched e-RUPI, a paperless and contactless digital payment system. Speaking on the occasion, the Prime Minister said that e-RUPI vouchers will help in making direct benefit transfer more efficient in digital transactions across the country. It will provide a new dimension to digital government. The PM described e-RUPI as a sign of India’s success in integrating technology into people’s lives.
Today in this article we will tell you about e-rupee in detail.
What is e-rupee?
E-Rupee is a digital voucher that a beneficiary receives on his/her phone in the form of SMS or QR code. It is a prepaid voucher, which he can use at any center that accepts it. For example, if the government wants to meet the cost of treatment of its employee in a hospital, it can issue e-rupee vouchers for the prescribed amount through the bank involved. In this case, the employee will receive an SMS or a QR code on his feature phone/smart phone. After which he will be able to go to that hospital and avail its services and make payment from the e-rupee voucher received on his phone.
E-Rupee is a cashless voucher-based mode of payment that allows users to access vouchers without a card, digital payment app or internet banking. E-rupee is not a digital currency of RBI but a digital voucher. Which has been prepared by NPCI.
How is e-rupee beneficial?
You do not need to have a bank account to take advantage of e-Rupee, which is better than other digital payment modes. It can also be used by people who do not have a smart phone or in places where there is no internet facility. Because it gets SMS or QR code, from which he can use the voucher.
How does e-rupee work?
E-Rupee is a digital voucher, which is received by the beneficiary in the form of SMS or QR code on the mobile phone. This is a prepaid voucher, which he can further pay at any of the accepting centres. RBI has increased the maximum amount of e-Rupee to Rs 1 lakh from the present Rs 10,000. This voucher can be used more than once till the amount is fully spent.
For example, if the government wants to cover the treatment of an employee in a hospital, it can pay through the concerned bank through an e-rupee voucher for the prescribed amount. The employee will receive an SMS or a QR code on his phone or smartphone. He can avail the services by visiting the designated hospital and make the payment through the e-Rupee voucher received on his phone.
Which banks are covered for e-Rupee?
National Payments Corporation of India has opened 11 banks Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, SBI and Union Bank of India for e-Rupee transactions. partnered with. Bharat Pay, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YONO SBI, Merchant Pay etc. have joined as service provider apps of e-Rupee.
Initially, the National Payments Corporation of India has tied up with over 1,600 hospitals where e-Rupee payments can be made. It is anticipated that the usage base of e-Rupee is expected to widen in the coming days. Even the private sector can use it to benefit their employees and micro, small and medium industries will also be able to adopt it for business transactions.
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