e-RUPI, New Payment Method in India. What is e-Rupi? How To Use And Benefits?

The government has launched e-RUPI, a new digital payment channel under UPI. The goal of this new payment mechanism is to ensure that the government can provide “leak-proof” monetary assistance to residents in the form of prepaid e-vouchers powered by UPI. It’s akin to a “Sodexo coupon” that the government would distribute directly to residents so that they can use it even if they don’t have access to online banking. apps for making payments or other traditional payment modes.

With e-RUPI, it is believed that the “unbanked” in our society would have easier access to financial assistance for health care, child welfare, pharmaceuticals, fertilizer subsidies, and other services.

WHAT IS e-RUPI ?

e-RUPI is a cashless and contactless digital payment instrument based on a QR code or SMS string-based e-Voucher given to the beneficiaries’ mobile phones. “At first, it will only apply to health-care recipients. People who wish to pay for vaccines at private clinics… if someone wants to help roughly 100 impoverished people with vaccinations, they can offer them an e-RUPI voucher so that the money is used exclusively for that reason “In his speech, the Prime Minister remarked.

e-RUPI EXPLAINED IN DETAIL

• e-RUPI is a cashless and contactless digital payment system.
• According to a PMO statement, it is a QR code or SMS string-based e-Voucher that is transmitted to the beneficiaries’ mobile phones.
• According to the details supplied by PMO, users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without a card, digital payments app, or online banking access.
• It was created in partnership with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority using the National Payments Corporation of India’s UPI platform.
• e-RUPI establishes a digital link between service sponsors and beneficiaries and service providers, eliminating the need for a physical interface.
• It also ensures that the service provider is only paid when the transaction has been completed.
• Because it is pre-paid, it ensures prompt payment to the service provider without the need for an intermediary.
• It can also be used to deliver services under schemes such as the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, which provides drugs and nutritional support to mothers and children, TB eradication programmes, drugs and diagnostics under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies, and so on.
• According to the statement, the private sector can use these digital coupons as part of their employee welfare and corporate social responsibility programmes.