Everything You Need To Know About e-Rupi Digital Payment

Everything You Need To Know About e-Rupi Digital Payment

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What is e-Rupi digital payment and how will it work? 

e-Rupi digital payment is an online payment mode, similar to a prepaid gift voucher. The e-Rupi system is supported by the Indian rupee in the form of the underlying asset. It is available for Indian citizens only. Beneficiaries will receive this coupon as an SMS string or QR code. They can redeem it at any service provider, where you will require no credit or debit card, mobile app, or internet banking. Through e-Rupi, the sponsors of the services can connect with the beneficiaries and service providers digitally. 

The objective behind e-Rupi Digital Payment

The digital payment system e-Rupi is a revolutionary initiative to make India digital. It can make Direct Benefit Transfer (DBT) more effective by giving a new dimension. PM Modi launched e-Rupi on 2nd August 2021. He said e-Rupi is a symbol of how India is making progress by connecting people’s lives with technology. 

e-Rupi Features

  • Faster
  • Reliable 
  • Paperless
  • Contactless
  • Cost Savings

e-Rupi Benefits

  • Beneficiaries’ details will remain confidential
  • No need for personal details
  • Eliminate intermediary
  • Easy two-step redemption process 
  • Operable on basic phones

How it is helpful for Indian Citizens? 

  • If the Government of India decide to help an individual for treatment. Then they will issue an e-Rupi voucher through partner banks. 
  • The beneficiary will receive a voucher on his/her phone. 
  • He/she can visit the specified hospital. After taking advantage of the services, he or she can make a payment using the e-Rupi voucher.

Steps for issuing these vouchers

NPCI developed & built this system on its UPI platform and onboarded the issuing entities called banks. 

  • Any corporate or government agency can opt any private or public partner bank.
  • They have to provide information about a specific person. 
  • They have to specify the purpose for doing a payment.  
  • The system will identify the beneficiaries with their mobile number
  • The bank will allocate a voucher to the service provider for the beneficiaries 
  • Only that person will receive the money. 

Which banks are associated with e-Rupi? 

  • Axis Bank
  • Bank of Baroda
  • Canara Bank
  • HDFC Bank
  • ICICI Bank
  • Indusind Bank
  • Indian Bank
  • Kotak Bank
  • Punjab National Bank
  • State Bank of India
  • Union Bank of India

What are the acquiring apps? 

  • Bharat Pe
  • BHIM Baroda Merchant Pay
  • Pine Labs
  • PNB Merchant Pay
  • YoNo SBI Merchant Pay

More banks and acquiring apps will probably use e-Rupi.

Who is the National Payment Corporation of India? 

National Payment Corporation of India (NPCI) is an umbrella organization that works for retail payments and settlement systems under the ownership of the Reserve Bank of India in India. It is responsible for all the retail payments and the system of settlement in India. Under the Payment and Settlement System Act, 2007, NPCI ensures the payment and settlement process. 

National Payments Corporation of India (NPCI) in association with which governmental department? 

  • Department of Financial Services (DFS)
  • National Health Authority (NHA)
  • Ministry of Health and Family Welfare (MoHFW)

What are the use cases of e-Rupi? 

e-Rupi will offer a leak-proof delivery of welfare services. This digital payment system is usable under schemes in India

  • Drugs and nutritional support under schemes like Mother and Child welfare 
  • TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc. 
  • The government of India allows the private sector to avail of this technology for their employee welfare. The private sector can use it for corporate social responsibility programmes.

The user base of e-Rupi Digital Payment

National Payments Corporation of India (NPCI) came into collaboration with 1,600 hospitals, where beneficiaries can redeem this coupon. According to the experts, the user base of e-Rupi will increase. The private sector may use this technology to offer benefits to their employees. The Ministry of Micro, Small, and Medium Enterprises (MSMEs) may adopt it for Business To Business (B2B) transactions.

What is the e-Rupi digital payment app?

This system users will receive vouchers on their mobile phones. They can pay using QR codes or SMS on the e-voucher. The voucher is redeemable and requires no debit or credit card, internet banking, or any other payment applications. The people with the e-Rupi application don’t have to go to service providers for payments. After transaction completion, payment will happen. This platform allows you to purchase medicines & nutritional supplements and make payments. Any user can connect with any service provider without a physical interface through this platform. The e-Rupi App is known as an e-Rupi digital platform. You can download the e-Rupi App from Google App Store and Apple Application Store.

The benefits From digital payment solution e-Rupi

  • Aadhar Enabled Payment System (AePS)
  • Unified Payment Interface (UPI)
  • National Electronic Toll Collection (NETC)
  • Immediate Payment Service
  • National Financial Switch (NFS)
  • BHIM Aadhar
  • Cheque Truncation System (CTS)
  • Rupee and Payment (RuPay)
  • National Automated Clearing House (NACH)
  • Bharat Interface For Money (BHIM)
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