To enable one more way of cashless and contactless payment solution, PM Modi is all set to launch e-RUPI tomorrow (August 2, 2021).
e-RUPI is a voucher-based payment solution that is prepaid in nature.
You can think of it as an electronic voucher card that can be redeemed for select services.
For example, suppose you brought an e-RUPI voucher for medicine then you can redeem it only to get medicine.
How to get e-RUPI and use it?
e-RUPI will be available in form of a QR Code or SMS string.
One can soon purchase it from select banks.
As per National Health Authority, so far 8 banks are all set to sell e-RUPI vouchers.
These 8 banks are State Bank of India, HDFC Bank, AXIS Bank, Punjab National Bank, Bank of Baroda, Canara Bank, IndusInd Bank, and ICICI Bank.
e-RUPI has been developed by the National Payment Corporation of India.
One can use it without having a bank account, ATM Card, Digital Payment App, or even the Internet.
The e-RUPI vouchers can be redeemed simply by the QR code or SMS string.
If one person buys an e-RUPI voucher and issues (gift) it to the other then can also track its utilization.
Why is the Government launching e-RUPI?
The Government has said that e-RUPI will enable another way of contactless digital payment but more important is, it removes the intermediaries.
It will help people to get the benefits of government schemes hassle-free.
For example, The National Health Authority has said, e-RUPI will allow a cashless payment solution for COVID-19 vaccination.
As we know, e-RUPI is a prepaid voucher, Corporates can provide it to their employee for their well-being.