PM Modi launches e-RUPI for digital payment

The e-RUPI vouchers will initially be available for health services, they would gradually cover other welfare schemes of the government

 “In addition to the government, if any organisation wants to help someone in their treatment, education or for any other work, then they will be able to give an e-RUPI voucher instead of cash. It will ensure that the money given by him, is used for the work for which the amount was given,” PM Modi said. 

 


Prime Minister Narendra Modi on Monday launched a “person and purpose-specific” one-time cashless and contactless digital payment vouchers ‘e-RUPI’ that aim to catalyse the direct transfer of subsidies to beneficiaries without any leakage.


Although the e-RUPI vouchers will initially be available for health services, they will gradually cover other welfare schemes of the government, and can also be used by the corporate sector.

“In addition to the government, if any organisation wants to help someone in their treatment, education or for any other work, then they will be able to give an e-RUPI voucher instead of cash. It will ensure that the money given by him, is used for the work for which the amount was given,” PM Modi said.

The National Payments Corporation of India (NPCI) in association with the Department of Financial Services (DFS), the National Health Authority (NHA), the Ministry of Health and Family Welfare (MoHFW), and commercial banks, have developed the digital solution.

“The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organisations or government via SMS or QR code,” NPCI said on its website.

So far, more than ₹17.5 lakh crore have been transferred directly to the accounts of the poor via DBT, benefiting 900 million Indians in the form of cooking gas subsidy, ration, medical treatment, scholarship, pension and wage disbursal.

Bharat Panchal, CRO at fintech firm FIS, said: “The new digital payment mode-- e-RUPI-- is basically a prepaid voucher that can be issued directly to citizens after verifying mobile number and identity. e-RUPI voucher will be delivered in the form of a QR code or SMS string-based e-voucher to the beneficiary’s mobile number.”

“The beneficiary can redeem the voucher without a card, digital payments app or internet banking access, at the service provider. This would be very useful instrument for those who are not privy to use to the digital platform yet the government can extend monetary support in digital form directly to citizens in a ‘leak-proof manner’ in the form of prepaid e-voucher powered by UPI [Unified Payment Interface].”

TV Narendran, president, Confederation of Indian Industry (CII), said the new payment mechanism would ensure monetary support to citizens without the involvement of intermediaries. “It will also be an excellent tool for the corporates, through which they can extend employee and community welfare schemes,” he said.

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e-Rupi: PM Modi launches e-RUPI for digital payment
PM Modi launches e-RUPI for digital payment
The e-RUPI vouchers will initially be available for health services, they would gradually cover other welfare schemes of the government
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