E-RUPI: What Is The Digital Payment Solution, How Does It Work; All You Need To Know

Taking the first step towards having a digital currency in the country, Prime Minister Narendra Modi launched an electronic voucher based digital payment system ‘e-RUPI’ on August 2. The platform has been developed by the National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare & the National Health Authority. It will be a person-specific & purpose-specific payments system. e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in the form of an SMS-string or a QR code. This will essentially be like a prepaid gift-voucher that will be redeemable at specific accepting centres 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. Watch the video to know more.