E Rupi This is India’s first electronic voucher based payment system! It was launched by Prime Minister Narendra Modi on 2 August 2021, which is an advanced form of UPI. Its
main points:-
This payment system was created jointly by NPCI (National Payment Corporation of India), Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority! Keep in mind – all digital payments come under NPCI! That is why it is also known as Umbrella in the field of digital payments! This payment will be cashless and contactless! This is an e-voucher payment system based on QR code or SMS! This payment can be made by a certain person only for a certain service! In this payment, it is not necessary for the beneficiary to have a bank account and a smartphone! This is different from the digital currency to be issued by RBI in future!
How does it work?
In this payment system, the service provider (government, institution, bank etc.) sends the payment in the form of e-voucher through the bank through QR code or SMS to the mobile of the service recipient. The beneficiary can get the benefit by getting the QR code, SMS approved at the acceptance center of the concerned service. In this, service, goods or money will not be accepted at any other acceptance center except the concerned acceptance center. For example, if the government wants to pay for books for the studies of students, then it will send its e-voucher to the mobile of the students. This voucher will be accepted only in the book shop. Apart from this, it will not be accepted in any other shop. In this way, this payment can be used by a certain person only for a certain work. How will the e-voucher be issued? NPCI issues e-voucher and sends it to the people and the approved center with the help of the bank. In this, the service provider contacts the concerned bank and asks to send the e-voucher to the beneficiary by giving information about the service. The bank receives the e-voucher from NPCII and sends it to the mobile number of the beneficiary and sends the voucher to the center related to this service!
Why was there a need to issue this e-voucher?
The government, the organization used to provide their services to the people through goods or money! But by the time the service reached the people, its quantity, quality and other results used to decrease, that is why this system was started, so that the right service could reach the right people!
For example- The government asked to give masks to all the people in the lockdown, but not all people got masks! Those who got it also got low-priced masks of poor quality! (e rupi)
What are its benefits?
- This payment system will help in preventing corruption and the purpose of the service given by the government will also be fulfilled!
- Use of various services will be ensured without any leakage!
- This payment card digital app will be used without internet banking!
It will connect people digitally!
- It will connect the service provider and the beneficiary without any contact!
- Payment will be made only after the transaction is completed.
- Being prepaid, payment will be made on time!
- People’s privacy will be protected in this payment system!
- Apart from payment, it can also be used in services like Ayushman Bharat, Pradhan Mantri Jan Arogya Yojana, TB eradication, Women and Child Welfare Scheme, medicine and diagnosis!
Other things related to this: –
NCPI has partnered with 11 banks for e Rupi transactions! These banks are Axis Bank, Bank of Baroda, Canara Bank, HDFC, ICICI Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, IndusInd Bank and Union Bank of India!
NCPI has also partnered with Bharat Pay, Bhim Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and Yono SBI Pay!
In this, agreements were also made with more than 16 hundred hospitals!
In the coming days, it will be used extensively!
It is worth noting that this system is also prevalent in USA, Colombia, Chile, Sweden, Hong Kong! But this will be the first time on such a wide scale!
