PM Modi on August 02, 2021, launched e-RUPI, a QR code or SMS string-based e-voucher that will be used for cashless and contactless digital payments. This was launched through video conferencing in New Delhi. On this occasion, the first digital payment through e-RUPI was done in a private vaccination centre in Mumbai. e-RUPI is primarily launched to allow cashless payment solutions for COVID-19 vaccination. The long term vision is, however, to close the digital gap and to provide equal access to financial, welfare and healthcare services to every citizen of India.
Highlights
| Launched by | Prime Minister Mr. Narendra Modi, GOI |
| Developed by | National Payment Corporation of India |
| Issuing authority | Banks authorized by NPCI |
| Launched Date | 2nd August 2021 |
| Benefit of app | To provide cashless and contactless instruments for making digital payments. |
| Beneficiaries | Citizen of India |
| Official Website | www.npci.org.in |
Source: india.gov.in
What is e-RUPI?
e-RUPI is a QR code or SMS string-based e-voucher that allows cashless and contactless payment. This one-time payment mechanism enables beneficiaries to redeem the voucher (QR or SMS based) without a card, digital payments apps like BHIM/Google Pay or internet banking access. This has been developed by the National Payments Corporation of India along with the collaborating partners, the Department of Financial Services, The Ministry of Health and Family Welfare and The National Health Authority.
Government/ Corporate can generate these vouchers through their partner bank. It will be, however, largely utilized to provide welfare subsidies by the government.
The e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations (Government/ Corporate/NGO) via SMS or QR code. It is secure as it keeps the details of the beneficiaries completely confidential.
e-RUPI voucher will be issued by the sponsor and will be delivered via a QR code or SMS to the beneficiary’s mobile. As this is an SMS based voucher as well, the beneficiary doesn’t need a smartphone to redeem the voucher.
Through e-RUPI, the payment will be made only after the completion of a transaction. This payment platform will also eliminate any kind of intermediary to make payments to the service provider.
Going further, e-RUPI can also be used for delivering services under schemes that are meant for providing drugs and nutritional support like mother and child welfare scheme, TB eradication program, drug and diagnostic under a scheme like Ayushmann Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, and more. Hospitals will also be benefited from this initiative.
Benefits for Hospitals
- Easy & Secure – Voucher is authorised via a verification code-shared by the beneficiary
- Hassle-free & Contactless payment collection.
- Quick redemption process.
A private-sector employer can also issue these digital vouchers for their employee welfare and corporate social responsibility programs. Through this initiative, leak-proof delivery of welfare services will be ensured.
Benefits for Corporates
- Corporates can enable the well-being of their employees by distributing the UPI Prepaid Vouchers
- It is an end-to-end digital transaction and does not require any physical issuance (card/voucher) hence leading to cost reduction
- Voucher redemption can be tracked by the issuer
- Quick, safe & contactless voucher distribution
Source: india.gov.in
How to generate e-RUPI Voucher?
This whole process would need
- The Sponsor of Services (for eg. Government of India, Companies/NGO etc.)
- The Beneficiaries (Citizen of India, Employee)
- Service Providers (Banks)
In case the corporate or government agency wants to issue a voucher, they are required to approach the partner bank (private and public sector lenders) along with the details of the beneficiary and the purpose for which the payment is needed. The issuing authority of the voucher will be the boarded banks that have been authorized by the National Payment Corporation of India. The beneficiaries will get the QR code or SMS on their mobile and this is how the whole process will take place.
e-RUPI Live Banks
The boarded banks that are approved by the National Payments Corporation of India are as follows.
| Sr. No. | Bank Name | Issuer | Acquirer | Acquiring App / Entity |
| 1 | Axis Bank | ✔ | ✔ | Bharat Pe |
| 2 | Bank of Baroda | ✔ | ✔ | BHIM Baroda Merchant Pay |
| 3 | Canara Bank | ✔ | NA | |
| 4 | HDFC Bank | ✔ | ✔ | HDFC Business App |
| 5 | ICICI Bank | ✔ | ✔ | Bharat Pe & PineLabs |
| 6 | Indusind Bank | ✔ | NA | |
| 7 | Indian Bank | ✔ | NA | |
| 8 | Kotak Bank | ✔ | NA | |
| 9 | Punjab National Bank | ✔ | ✔ | PNB Merchant Pay |
| 10 | State Bank of India | ✔ | ✔ | YONO SBI Merchant |
| 11 | Union Bank of India | ✔ | NA |
Overall this is a revolutionary initiative by the Government of India. Through this platform, digital transactions can be made easily and this will play a major role in making digital payments effective.
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