e-RUPI: What is it? How does it work?

Digital currency e-RUPI is the Indian government’s move towards introducing digital currency in the country, developed by the National Payme...


Digital currency

e-RUPI is the Indian government’s move towards introducing digital currency in the country, developed by the National Payments Corporation of India (NCPI), the minds behind the Unified Payments Interface (UPI) currently gaining popularity across India.

How does it work?

It is, in essence, like a prepaid voucher except that the voucher is entirely digital and the payments will be authorised by institutions like the government or banks.

How will people use it?

The government aims to deliver the currency through a QR code or an SMS string that beneficiaries of the currency will use to authenticate payments. On the other end, government agencies will provide details to partner banks who will generate the codes necessary.

Where will it be used?

With e-RUPI designed to have zero interference from middlemen, the government plans to use it to deliver social security benefits. With the pandemic raging across the country, the need to have a no contact currency is all the more important, as is delivering welfare.

Digital v. crypto

Digital currencies are not a stand alone entity like crypto - which is an encrypted, mined currency - it is a physical money linked currency that has to be verified by an entity, in this case partner banks that the NCPI linked up with.

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e-Rupi: e-RUPI: What is it? How does it work?
e-RUPI: What is it? How does it work?
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