Prime Minister Narendra Modi launched an electronic voucher based digital payment system “e-RUPI” on Monday.
The platform, which has been developed by the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority, will be a person-specific and purpose-specific payments system.
This can be compared with a prepaid gift-voucher like the one which we can purchase on Amazon but this will be redeemable at specific accepting centres only and without any credit or debit card, a mobile app or internet banking. e-RUPI will connect the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
The system has been built by NPCI on its UPI platform, and has onboarded banks that will be the issuing entities. Any corporate or government agency will have to approach the partner banks, which are both private and public-sector lenders, with the details of specific persons and the purpose for which payments have to be made.
Although this is not full fledged digital currency but it is a kind of digital currency where one can make payment just by using an SMS or QR code but this platform is just restricted to a specific use whereas digital currency is something which can be used for any purpose.
What are various cases where e-Rupi can be used?
According to the government, e-RUPI is expected to ensure a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc.
Prime Minister said in addition to the government, if any organization wants to help someone in their treatment, education or for any other work, then they will be able to give an eRUPI voucher instead of cash. This will ensure that the money given by him is used for the work for which the amount was given.
During the launch of e-Rupi platform, PM Modi said the following things:
e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code.
eRUPI voucher will play a huge role in making DBT more effective and will give a new dimension to digital governance: PM
We see technology as a tool to help the poor, a tool for their progress: PM
India has the ability to give global leadership alongside major countries of the world in innovations, use of technology and in service delivery: PM
World is recognizing the impact of the work done in the last 6-7 years for digital infrastructure and digital transactions in the country: PM
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