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E Rupi Digital Payment Solution – erupee App Download [How It Works]. Check What is e-Rupi Digital Payment Platform, e-RUPI vouchers (e rupye kya hai in Hindi).
What is E Rupi Digital Payment Solution? How It Works
e-RUPI is an electronic voucher that will be provided to recipients in the form of a QR code and SMS-string-based voucher, allowing payments to be paid straight to their bank account. Through its partner banks, any government department or corporation can generate e-RUPI vouchers. A beneficiary must show the merchant the QR code or SMS message, which the retailer will scan and send a verification code to the beneficiary’s phone number. The latter must share the code with the merchant in order for the transaction to be completed.
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e-Rupi Digital Payment – These vouchers are person- and purpose-specific, which means that if the government issues them for the purpose of vaccination, they can only be used for that. The National Payment Corporation of India (NPCI) created the one-time payment system with the help of the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority. Partners include State Bank of India, HDFC Bank, Axis Bank, Punjab National Bank, Bank of Baroda, Canara Bank, IndusInd Bank, and ICICI Bank.
| Name of Scheme | e-RUPI Digital Payment |
| Launched By | Government Of India |
| Beneficiary | Citizens Of India |
| Main Objective | To Provide Cashless And Contactless Instrument For Making Digital Payments |
| Official Website | https://www.npci.org.in/ |
| Launch Year | 2021 |
Advantages and Disadvantages of erupee Digital Payment
The beneficiaries or users of this payment mechanism will not require a card, digital payments app, or internet banking access to use the voucher, which is aimed at closing the digital divide among the unbanked people. The e-RUPI transaction method is stated to be secure, and the recipients’ information will be kept totally confidential, protecting their privacy.
The introduction of the Covid vaccine voucher is also aimed at accelerating India’s vaccination drive, as e-RUPI enables beneficiaries to conveniently schedule vaccination appointments. The major goal of e-RUPI is to reach 190 million unbanked residents, bring them into the official financial system, and close a portion of the digital divide. This digital payment system can give each and every citizen of our country with equitable access to financial, healthcare, and social services.
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Due to the fact that the recipient is not needed to reveal their name, these vouchers are likely to be claimed by others. The government has maintained the privacy issue here, yet anyone can claim these advantages if the retailer does not cross-check someone’s identity.
What sets e-RUPI apart from other digital currencies?
While the implementation of e-RUPI is the first step toward India having a digital currency, it is more of a social service voucher system that ensures that specific benefits are delivered to eligible users without any anomalies or delays.
This is in contrast to cryptocurrencies, which allow you to purchase products and services as well as sell them for profit. More importantly, it is governed by the government. The government-paid prepaid voucher will mostly be used to offer welfare assistance, at least in the beginning. However, the Reserve Bank of India (RBI) declared in January this year that it is investigating the need for a central bank digital currency in India as a strategy to improve financial inclusion.
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Unlike China, Europe, and a few other nations, India is not a forerunner in the race to create virtual cash, but the emergence of cryptocurrencies like Facebook’s Diem has prompted the government to push for experimental projects in the wholesale and retail sectors in the near future.e-RUPI is based on UPI systems, whereas cryptocurrency is based on blockchain. It’s comparable to the gift cards we obtain online, but this time the government is the one issuing them. It’s possible that this is the government’s first move toward introducing a digital currency.
The government is fostering liquidity in the economy by pointing out that these vouchers cannot be converted into cash. It’s telling you to go out, buy something, and spend it. Previously, the government would send monies to beneficiaries’ accounts that were either not used or were used for other purposes.e-RUPI is one of the government’s endeavours, and its successful implementation might improve India’s GDP by 14%, which seems highly optimistic for the Indian economy’s future.