What is e-RUPI and how does it work?

By | August 20, 2021
What is e-RUPI and how does it work

The Prime Minister of India, Shri Narendra Modi, has launched the electronic voucher based digital payment system e-RUPI to increase the digital currency in the country. This platform of digital payment has been released by giant companies like NPCI (National Payment Corporation of India), DOFS (Department of Financial Services), MOHFW (Ministry of Health and Family Welfare) and (National Health Authority). It will be a kind of Person-Specific and Purpose-Specific Payments system.

It will be used only for the work in which the beneficiary would like to get its benefit. This e-RUPI Voucher will play an important role in the digital payment system. Then let’s get to know more about e-RUPI through this article.

What is e-RUPI

e-RUPI is a kind of digital voucher. The person receiving this benefit will get it in the form of SMS’S or QR code on the phone. By this the amount will be directly transferred to their bank account. It is being called a kind of online check, in which one person pays money to another person in the form of vouchers. Which the recipient person will be able to receive the payment by using the mobile number registered in his bank account.

e-RUPI is designed keeping in mind the safety of the beneficiary. It keeps the details of Beneficiaries secretly. Apart from the sender and receiver of the money, no third person can even know about it.

How does e-RUPI work?

It is a kind of cashless and contactless digital payment system, which will be received on the beneficiary’s phone in the form of SMS S or QR code. It is similar to Prepaid Voucher.

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The UPI platform will be operated by the National Payment Corporation of India (NPCI) to work in the e-RUPI system. This includes sending vouchers to both private and government banks. In this system it will not be necessary that the bank which has issued this e-RUPI voucher should accept it, you will be able to send and receive the e-RUPI voucher by any bank.

In this, the recipient to whom you want to send this e-rupee voucher, along with the mobile number, you will have to provide the bank. After which the mobile service provider will be contacted by the bank and after clarifying your identity, e-RUPI voucher will be sent to your mobile number.

Advantages of e-RUPI

–  e-RUPI has the capability to support small businesses to take advantage of government schemes.

–  You will not have to use any third party platform like Debit-Credit Card, UPI to pay for anything through  e-RUPI.

–  Under this, whether the voucher has been used or not, it can also be tracked.

–  This e-RUPI platform can also be used to take advantage of government subsidies and schemes.

–  To get its service, the beneficiary does not need any mobile app, card, internet banking or any bank account.

–  Using this platform, it can be used to provide services in schemes providing medicine and nutritional support under maternal and child welfare schemes and other types of subsidy schemes.

How to get e-RUPI facility?

The e-RUPI system has been built on the UPI platform by NPCI. NPCI has also added many banks in the country. These banks will be able to issue their own E-Voucher. Banks will issue their E-Voucher on their own UPI platform. In a way, this bank will be the issuing institution itself.

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The government agency, corporation or corporate has to approach its partner bank and give full details of the person and the purpose for which the payment is being made.

Beneficiaries will be identified by their mobile number only then SMS and QR code will be received. The voucher is allotted to the service provider by the bank in the name of the beneficiary.

Banks that issue e-RUPI

Both private and government banks have been included for the payment of e-Rupee. At present, 11 banks have been roped in to support e-Rupee. In which such banks as State Bank of India (SBI), Bank of Baroda (BOB), ICICI, HDFC (HDFC), PNB (PNB) etc. will issue and accept vouchers of this e-RUPI. Apart from this, Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra and Union Bank of India Bank will undertake the task of issuing this voucher.

Where will e-RUPI be used?

NPCI has currently tied up with more than 1600 hospitals for e-RUPI. Where e-RUPI can be paid. E-rupee can be used for Pradhan Mantri Jan Arogya Yojana, Ayushman Bharat as well as welfare schemes.

According to the news, it will be used extensively in the coming time. Along with this, private sector employees will also be able to get its benefits.

How to Make Digital Payment Through e-RUPI

The biggest advantage of e-RUPI will be that you will not have to download any kind of app nor internet connection will be required to make payment. Remitter who wants to make payment using this system, they get voucher in the form of SMS string or QR code, using which they can transfer money.

See also  What is a debit card and its types

In this, the user does not need internet banking, debit, credit card or any digital payment app. This e-RUPI acts like an e-voucher. It is a prepaid service, in which a person can exchange money to spend on a particular purpose.


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