Prime Minister Narendra Modi is ready to launch an alternative payment solution e-RUPI to revolutionalize the digital economy of India. e-RUPI payment solution is developed by the National Payments Corporation of India (NPCI).PM Modi will launch e-RUPI digital payment solution via video conference on August 2, 2021, at 4:30 pm.
National Payments Corporation of India (NPCI) has developed e-RUPI which is an alternative digital payment solution on its Unified Payment Interface (UPI) system. e-RUPI payment solution has been developed in association with National Health Authority (NHA), the Ministry of Health and Family Welfare (MoHFW), the Department of Financial Services (DFS), and some partner banks.
e-RUPI is a one-time, digital payment mechanism. It is person and purpose-specific, implying a greater degree of transparency in the payment atmosphere. This initiative seeks to limit touchpoints between the government and the beneficiaries. The Prime Minister’s Office in a statement said, “This new initiative e-RUPI will ensure that benefits reach to its intended beneficiaries in a targeted and leak-proof manner”.
The cashless and contactless mechanism will act as an e-voucher based on Quick Response (QR) code or SMS string. e-RUPI will digitally connect the sponsors of the services with the beneficiaries and service providers. The prepaid nature will assure timely payment to the service provider. e-RUPI will allow users to redeem the e-voucher by organization and government without using a card, digital payments app, or internet banking access, at the service provider.
The initiative will allow the delivery of services under various government schemes. The digital payment solution will help in providing drugs and nutritional supplements. Programs like TB eradication and Mother and child welfare programs can easily be accessible to the beneficiaries. The revolutionary e-RUPI will also help in disbursing subsidies and the continuation of welfare schemes.