PM Modi to launch e-RUPI today, check its benefits
PM Modi will take Digital India Campaign a step further and would launch a new digital payment system today.Author : Divyanshi Soni
Prime Minister Modi would launch the electronic voucher-based digital mode payment system “e-RUPI” on Monday at 4:30 pm via video conferencing. Prime Minister Modi has shared the information via the micro-blogging website Twitter and wrote, “Digital technology is transforming lives in a major way and is furthering ‘Ease of Living.’ At 4:30 PM tomorrow, 2nd August, will launch e-RUPI, a futuristic digital payment solution which offers several benefits for its users.” He has also attached a link related to the details of digital payment vouchers.
Prime Minister has also shared benefits of the new e-vouchers and tweeted, “Some of the benefits of e-RUPI are: Cashless and contactless digital payment, connects service sponsors and beneficiaries digitally and ensures leak-proof delivery of various welfare services.”
What is e-RUPI?
e-RUPI is a digital voucher payment system, which would be launched by the government of India, under UPI. The purpose of this payment system is to directly support the citizens of the nation in a leak-proof manner. e-RUPI are the prepaid vouchers powered by UPI. It is a person-specific and purpose-specific electronic payment system.
With e-RUPI, the unbanked section of society will get access to financial support for child welfare, health services, medicines etc.
These e-vouchers would be issued by verifying the mobile number and beneficiaries’ identity and will be delivered in the form of QR Code or SMS string-based e-vouchers. The vouchers can be used once and only the person, who has received that voucher, can use it.
Who has developed e-RUPI?
The digital vouchers have been developed by the National Payments Corporation of India (NPCI) with the collaboration of Department of Family Services, National Health Authority and Ministry of Health and Family Welfare.
Which banks can provide service in exchange for e-RUPI vouchers or coupons?
For now, 11 banks are supporting e-RUPI, some of them can only issue the e-vouchers and cannot accept them.
Banks that will fully support the digital vouchers: Axis Bank, Bank of Baroda, HDFC Bank, ICICI Bank, Punjab National Bank, State Bank of India.
Banks that will only issue e-vouchers: Canara Bank, Indusind Bank, Indian Bank, Kotak Bank and Union Bank of India.