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“e-RUPI”, an electronic voucher-based digital payment system, is launched

  • Category
  • Published
    10th Aug, 2021


What is e-RUPI?

  • e-RUPI is a cashless and contactless mode of digital payments medium, which will be delivered to beneficiaries' mobile phones in form of an SMSstring or a QR code.
  • This has been developed by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority.
  • The payment system will be a person-specific and purpose-specific system.
  • This will be like a prepaid giftvoucher that will be redeemable without any credit or debit card, a mobile app, or internet banking at specific accepting centers.
  • The system is built by NPCI on its UPI platform and has onboarded banks which will be the issuing entities.
  • Any corporate or government agency will approach the partner banks, either private or public-sector lenders, with the details of specific persons and the purpose for which payments have to be made.
  • The beneficiaries will be identified by their mobile number and a voucher will be allocated by a bank to the service provider.

Significance of e-RUPI

  • The launch of e-RUPI could potentially highlight the existing gaps in digital payments infrastructure which isnecessary for the success of the future digital currency.
  • e-RUPI is still backed by the existing Indian rupee as an underlying asset and the specificity of the purpose makes it different from a virtual currency and makes it closer to a voucher-based payment system.

Digital Payment Methods

  • The Digital India programmeenvisions for transforming India into a digitally empowered society and knowledge economy.
  • “Faceless, Paperless, Cashless” is one of professed role of Digital India.
  • As part of promoting cashless transactions and to convert India into less-cash society, various modes of digital payments are available.

These mode are:

  • Banking cards, Unstructured Supplementary Service Data (USSD) , Aadhaar Enabled Payment System (AEPS), Unified Payments Interface (UPI), Mobile Wallets, Banks Pre-paid Cards, Point of sale, Internet banking (NEFT, RTGS or IMPS), Mobile banking and Micro ATMs etc.

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