Indian Government Launches New Digital Payment Currency e-RUPI

PM Modi is introducing a new digital payment mode under UPI called as e-RUPI. It has been developed by National Payment Corporation of India on its UPI platform. It is organized by the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.

The main purpose of this new digital payment solution is to ensure that the government can extend monetary support directly to citizens in a “leak-proof manner” in the form of prepaid e-voucher powered by UPI.

e-RUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country.

It is basically (e-RUPI) prepaid voucher that can be issued directly to Indian citizens after verifying mobile number and identity. e-RUPI will be delivered  in the form of  QR code or SMS string-based e-voucher to the beneficiary identity or mobile number.

This QR code or SMS voucher can be used only once by the person on whose name it has been issued. The beneficiary can redeem the voucher without a card, digital payments app or internet banking access, at the service provider. Also, the payment can only be processed after the service has been provided to the beneficiary. 

The best advantage of e-RUPI is that there is no need to use any app or have access to internet banking to use this service. So, anyone with any kind of mobile phone having a valid phone number can walk-in with an e-RUPI SMS or QR code to get service. There is no physical interface by anyone in the payment process and the entire transaction is digital, cashless and contactless. 

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