e-RUPI

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Topic-upsc GS-2 paper: e- Governance, transparency and accountability.

National payment corporation of India in association with development of financial services(DFS), National health authority (NHA), Ministry of health and family welfare (MoHFW) and partner banks have launched an e-Rupi digital solution. The Purpose behind is to make India a cashless, digital economy by promoting cashless transactions. 

Features:

  • It is a QR Code or SMS based e-Voucher which is delivered to the mobile of the beneficiaries 
  • It is an electronic pre-paid voucher (e-RUPI).
  • An organization or individual can help someone by giving eRupi instead of cash.
  • Voucher is authorized via a verification code-hence  easy and secure.
  • It has two step redemption process.
  • Voucher redemption can be tracked by issuer.
  • No digital or bank account are required to have to beneficiaries. 
  • No  specific mobile app required to have to beneficiaries. 
  • Both basic and smart phone users are able to get benefit 
  • It is reliable, faster, and has stored transaction facility.
  • Hassle-free and contact less payment.  
  • It is a contact less and cash less solution.
  • No card or cash carrying or payment required. 
  • Corporate, hospitals and education institutions can avail facilities to its consumer.
  • It ensures that the payment is being used for which it is paid  hence increases transparency and accountability. 
  • It assures real time payment.
Use: it can be used for education, health, business or any other purposes.



What is e-Rupi and how it works?
eRupi is basically a digital voucher which a beneficiary get on his mobile phone in the form of QR Code or SMS. It is a prepaid voucher which he / she can go and redeem it at any centre that accept it. 
 
  1. It is one time contact less cashless voucher beast mode of payment diet that helps users redeem the voucher without a card, digital payment app or internet banking.
  2. It is a release of person specific even purpose specific digital voucher and should not be confused with "digital currency" which Reserve Bank of India is contemplating.
How is e-Rupee advantages to the consumers?

  1. Electronic rupee does not require the beneficiary to have a bank account A major distinguishing feature as compared to other digital payment forms. It ensuresvan easy, contact less two step redemption process that does not require sharing of personal details.
  2. Electronic rupee is operable on basic phones also and hence it can be used by persons who don't own a smartphone or in places that left internet connection.
What are the benefit of rupee for the sponsors ?
Electronic rupee is expected to play a major role in strengthening direct benefit transfer since there is no need of physical issuance of vouchers. It will also lead to some cost saving as well.  
Which banks issue a e-Rupi?
National payment Corporation of India has partnered with 11 banks for transaction they are:
  1. Axis bank
  2. Union bank of India
  3. ICICI BANK 
  4. HDFC BANK 
  5. CANARA BANK
  6. INDIAN BANK
  7. KOTAK MAHINDRA BANK 
  8. PUNJAB NATIONAL BANK 
  9. STATE  INDIA 
  10. INDUSIND BANK 
  11. BANK OF BARODA 
Which apps give facility of eRupi?
  • Bharat Pe
  • BHIM
  • Baroda merchant pay
  • PNB merchant pay
  • Yono sbi merchant pay 







Note: India's ruPay card and UPI services are accepted in Bhutan and Singapore. 

Resources

https://www.google.com/amp/s/www.monayeycontrol.com/news/business/e-rupi-launch-by-pm-modi-live-updates-digital-payment-solution-to-be-launched-at-4-30-pm-today-7260701.html/

https://pib.gov.in/PressReleasePage.aspx?PRID=1741614

https://www.npci.org.in/what-we-do/upi/upi-erupi

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