PM Modi to launch e-RUPI digital payment solution

Prime Minister Narendra Modi will launch e-RUPI, an e-voucher-based digital payment solution, via video conferencing. The e-RUPI initiative will be one of the programmes launched over the years to limit touchpoints between the government and the beneficiary and “ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner”.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

About the e-RUPI:

• e-RUPI is a cashless and contactless instrument for digital payments. It acts as an e-voucher based on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries.
• e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed.
• Being prepaid in nature, it assures timely payment to the service provider without the involvement of any intermediary.
• The one-time payment mechanism of e-RUPI will allow users to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
• The e-RUPI platform has been developed by the National Payments Corporation of India (NPCI) on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.

Find More National News Here