The launch of new digital payment solutions by PM Modi, e-RUPI developed under NPCI (National Payments Corporation of India) promises to provide transparency and leakage-free services for its users, which will be initially used in the support for vaccination drives and health beneficiaries all over the country, alongside delivering services under schemes.
It is also estimated to be the country’s new dimension into the field of digital transparency while making transactions easy and efficient.
What is e-RUPI and how does it work?
e-RUPI is the new cash-less and contact-less digital payment solution for the welfare services to run smoothly and efficiently in the country, which acts as a prepaid e-voucher that can be redeemed directly by the users or beneficiaries through an SMS text or QR code which will be delivered to their cellphones to pay for their service providers without any physical interface. It follows a very hassle-free process eliminating any requirement of the debit card or credit card or any online banking services as a payment option.
Benefits of e-RUPI:
- The major benefit of this payment option is that the money can be only used for the purpose it is sent for. For example, if money is sent for the purpose of purchasing a book then e-RUPI will make sure the purpose is justified with the purchase of the right product or service.
- As transparency is promised to be the key factor than the pooper section will also be benefited from newer availed opportunities and also under 300 schemes, such as mother and child welfare scheme, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc, 17.5 crores has been transferred through DBT (Direct Benefit Transfer) to the people.
- The private sector companies can also access this digital payment solution in order to provide these e-vouchers to their employees under employee welfare and corporate social responsibility schemes.
- The payment through this digital payment process is quickly transferred as a one-time successful payment between one party to the other party (beneficiaries to service providers) without any outstanding amount in the “still to be processed” section.
“For reaching today’s unique product, the foundation was prepared over the years by creating the JAM (Jan Dhan-Aadhaar-Mobile) system which connected mobile and Aadhaar. Benefits of JAM took some time to be visible to people and we saw how we could help the needy during the lockdown period while other countries were struggling to help their people,” he said.
