In a wholesome display of prime tech assortment, e-RUPI scheme, an instance hybrid of Fintech and Public services, as is perceived in 21st century, is put to ground today, with PM Modi with long white beard and a spunky glint in eyes, appeared on TV along with a handful of other CMs through video-conferencing and sealed the show with such long-awaited declaration.
e-RUPI is an e-voucher with QR code foundation or SMS string which would be directed to mobile phones of beneficiaries and the major aim of the scheme is said to be good governance.
No doubt, with e-RUPI, we are empowered with a digital payment tool, for cashless and contactless transactions, for payments which are person and purpose specific in nature.
In words issued by PMO, ”e-RUPI voucher will play a role in boosting digital transactions and Direct Benefit Transfer (DBT) in the country. This will help everyone in targeted, transparent and leakage-free delivery”.
PMO went on to add, ”e-RUPI is an example of how India is moving forward & connecting people in the 21st century with the help of advanced technology. I’m glad that it has started in the year when India is celebrating 75th year of Independence”.
1). A one-time payment scenario where users of this voucher, would not need any specific card, digital payment apps or any internet banking access for the purpose of redeeming it,
2). E-RUPI is the result of an eclectic collaboration occurred among National Payment Corporation Of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare, National Health Authority etc.
3). With e-RUPI in place, a digital link is created between the beneficiaries and service providers and sponsors, with no room for any other physical entity,
4). Payment framework verifies the authenticity of service provider and ensures that he gets the payment once the transaction is complete,
5). Such is a prepaid and strictly digital in nature and hence with a promise that payment would be made to the service provider in a timely manner, with no possibility for any intermediary,
6). Complete delivery of welfare services is one of the major aims of e-RUPI,
7). Private sector businesses can also utilize e-RUPI for the welfare of their workforce and for other schemes related to CSR (Corporate Social Responsibility).
8). Finally, when one intends to extend medicine and nutritional support under Mother and Child welfare schemes, TB eradication programme etc. the payment framework can be looked down upon too.
Further, if any non-government institution wants to help anyone in education or medical treatment, they can rely upon e-RUPI in place of cash. PM cleared the air, “This is assure that the amount donated is being used only for the said work”.
The major difference is that e-RUPI is not a platform or an app, rather this is a voucher that is redeemable for particular set of services, only. Users wouldn’t need any digital payment app or even a bank account to encash this voucher.
Which of the banks are associated with e-RUPI?
Thus far, as what NPCI maintains, State Bank of India, HDFC, Axis Bank, Punjab National Bank, Bank of Baroda, Canara Bank, Indusind Bank and ICICI Bank are enabled with e-RUPI payment solution.
Well dear readers, let us be hopeful that weaker sections of our society would certainly draw huge benefits with this launch.