On the 2nd of August, the Prime Minister of India, Mr. Narendra Modi is set to launch e-RUPI, a new digital payment mode in India. The launch would be held virtually by PM Modi, during a video conference today evening.
According to sources, the new e-RUPI digital pavement mode would enhance payment instruments with an improved extension of monetary support in a ‘leak-proof manner.’
In regard to this, the Government of India (GoI) issued a notification and announced the launch of the new payment system. As per the Government’s notification, India’s entire public payments ecosystem has been roped in to develop the platform, including the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority.
Prime Minister Narendra Modi also took to his official Twitter handle and posted a tweet regarding the same. His tweet read, “Digital technology is transforming lives in a major way and is furthering ‘Ease of Living.’ At 4:30 PM tomorrow, 2nd August, will launch e-RUPI, a futuristic digital payment solution which offers several benefits for its users. https://pib.gov.in/PressReleseDet.”
In another tweet, Mr. Narendra Modi highlighted some of the benefits of the new digital payment platform and said, “Some of the benefits of e-RUPI are:
Cashless and contactless digital payment.
Connects service sponsors and beneficiaries digitally.
Ensures leak-proof delivery of various welfare services.”
Highlights of the benefits and functioning of e-RUPI, the new digital payment platform:
- e-RUPI is a cashless and contactless digital payment.
- Connects service sponsors and beneficiaries digitally, ensuring leak proof delivery of various government oriented welfare schemes.
- It is a new QR code or SMS string based e-voucher, which is delivered to the mobile of the beneficiaries of various government welfare schemes, instead of using cash/money.
- The users of this one time payment mechanism would have advantage to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
- e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface like bank or card payments.
- The payment to the service provider is made only after the transaction is completed.
- This new mode is prepaid in nature, it assures timely payment to the service provider without the involvement of any intermediary and reminders.
- Besides payment usage, this new app could also be used for services under schemes like providing medicines and nutritional assistance under maternal and child welfare schemes, TB eradication programmes, medicines and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidy, etc.
- The digital vouchers available through this e-RUPI mode could also be used by the private sector for its employee welfare and corporate social responsibility programmes.
The Central Government initiated this new cashless and contactless mode of payment to ensure good transparent governance and payments to the beneficiaries of various welfare schemes.
As of now, 11 public banks including State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank, Axis Bank and Bank of Baroda, Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra Bank and Union Bank of India would support the new digital mode.
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