e-RUPI Digital Payment Benefits | e RUPI Features & e- RUPI Digital Payment App | Download E-RUPI Mobile Application | NPCI
Periodically, the Honorable Prime Minister, Narendra Modi has introduced digital initiatives. In India, a digital revolution has occurred in the last few years. Citizens have become more aware of digital payment methods, which have improved their standard of living. In this article, we will tell you about the e-RUPI Digital Payment platform. This platform is a tool that allows its users to make digital payments. So if you want to get complete details regarding the e-RUPI digital payment platform then you have to go through this article very carefully till the end.
What is e-RUPI?
e-RUPI Digital Platform, a digital payment platform which will be used to make digital payments and is cashless and contactless. It is a QR code or SMS string-based e-voucher that will be delivered to the users’ mobile phones. This voucher can be redeemed without the use of a digital payment app, internet banking, or a card. The National Payments Corporation of India created this digital payment platform on its UPI platform. The Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority are the collaborators. This initiative will connect service sponsors with beneficiaries and service providers. The connection will be maintained digitally, with no physical interface.
E-RUPI DIGITAL PAYMENT
Limitation of e-RUPI Voucher
In order to make it possible to distribute more benefits to the general population, the Central Bank of India increased the cap on the number of e-RUPI Digital vouchers that the government may issue. The Reserve Bank of India will enhance the e-RUPI voucher’s upper limit from Rs 10,000 to Rs 1 lakh. Single vouchers may be used several times till the balance is gone. Earlier, e-RUPI simply functioned as a single coupon. This voucher utilises the national payment corporation of India’s unified payment interface platform. The government primarily issues e-RUPI vouchers for covid-19 immunisation. Various State Governments and Central Governments are actively considering a number of additional instances. This voucher is being issued by 16 banks, while 8 banks are e-RUPI acquirers.
Key Highlights Of e-RUPI Digital Payment
Name Of The Article
e-RUPI Digital Payment
Government Of India
Citizens Of India
To Provide Cashless And Contactless Instrument For Making Digital Payments
How to Use e-RUPI Digital Payment Platform?
The payment to the service provider will be made using the e-RUPI platform only after the transaction has been successfully completed. Because of its prepaid nature, this payment network won’t need a middleman of any type to pay the service provider. In addition, this platform can be used to deliver services under programmes designed to provide nutrition support and drug support, such as the Mother and Child Welfare Program, the TB Eradication Program, drug and diagnostic support under the Ayushmann Bharat Pradhan Mantri Jan Arogya Yojana, and fertiliser subsidies. These digital tokens can also be used by the commercial sector’s corporate social responsibility and employee welfare initiatives. Through this effort, innovative social service delivery will be guaranteed to be leak-proof.
Procedure of issuing Voucher
The National Payment Corporation of India created the e-RUPI digital payment system on the UPI platform. The banks that will be responsible for issuing the voucher have been boarded by India’s national payment organisation. When approaching the partner bank (private and public sector lenders), the corporation or government agency must provide detailed information about the recipient and the reason for the payment. Beneficiaries’ cell phone vouchers provided by the bank will be used to identify them. This platform will be a ground-breaking digital project for us that will raise living standards and streamline the payment process.
Launching of e-RUPI Digital Payment Platform
On August 2, 2021, e-digital RUPI’s platform was introduced via video conference. Mr. Narendra Modi, the Prime Minister, has introduced e-RUPI in this video conference. Along with the Prime Minister, the Chief Executive Chairman of the National Health Authority gave highlights of this platform on the occasion of its introduction. On the occasion of the platform’s introduction, the first application of E-RUPI digital payment was shown in a private vaccination clinic in Mumbai.
Objective of e-RUPI Digital Payment
The primary goal of the e-RUPI digital payment platform is to offer a cashless and contactless payment system so that users may make digital payments easily. Users are able to make secure payments using this payment platform. This payment mechanism utilises an electronic voucher that is sent to the beneficiary’s mobile phone and contains a QR code or SMS string. Without a middleman, the e-RUPI digital payment mechanism guarantees on-time payment for the services. The payment method will be easy and secure because users won’t need to carry any cards, use a digital payment app, or have access to internet banking.
List Of Banks That Are Live With e-RUPI
Name of Banks
Union Bank of India
State bank of India
YONO SBI Merchant
Punjab national bank
PNB Merchant Pay
Bharat Pe and PineLabs
HDFC Business App
Bank of Baroda
BHIM Baroda Merchant Pay
Features of e-RUPI Digital Payment
On August 2, 2021, the honourable Prime Minister of India, Mr. Narendra Modi, will introduce the e-RUPI digital platform, a digital payment system.
This platform will use a contactless and cashless payment system.
The national payment corporation of India has developed the e Rupi Digital Payment service on its UPI platform. Users can make digital payments through this system using QR code or SMS string based e-voucher, which will be delivered to the users’ mobile phones. Users can redeem this voucher without the use of a payment app, internet banking, or a credit card.
The Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority are the cooperating partners.
The beneficiaries and service providers will be connected with the service sponsor through this programme. The payment to the service provider through this platform will be made after the completion of the transaction. This payment platform is prepaid in nature. This connection will be maintained digitally without any kind of physical interface. This platform can also be utilised to provide services under plans intended for giving medications and nutritional support.
e-RUPI does not require any kind of service provider to make payment.
Benefits of e-RUPI
Benefits for Consumers:
Contactless – Beneficiary should not carry a print out of the voucher
Easy redemption – 2 step redemption process
Safe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
No digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account
Benefits for Merchants:
Easy & Secure – Voucher is authorized via a verification code
Hassle free & Contactless payment collection – Handling of cash or cards is not required
Quick redemption process – The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
Benefits for Corporates:
Corporates can enable well-being of their employees
End to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
Voucher redemption can be tracked by the issuer
Quick, safe & contactless voucher distribution
What is National Payment Corporation of India?
The National Payment Corporation of India is the company in charge of running the settlement and retail payment systems in India. The Reserve Bank of India and the Indian banks’ association founded this institution. To build a strong payment and settlement infrastructure in India, this institution operates in accordance with the Payment and Settlement Systems Act of 2017. A non-profit entity called National Payment Corporation of India operates in accordance with Section 8 of the Companies Act of 2013. The promoter banks of NPCI are State bank of India, Punjab national bank, Bank of Baroda, Canara Bank, Union Bank of India, Bank of India, ICICI bank, HDFC bank, Citibank, and HSBC.
Services Provided By NPCI
The national payment corporation is offering the following types of services to the citizens of India:-
Unified payment interface (UPI)
A person’s many bank accounts may be combined into one mobile application using this capability.
Rupee and Payment (RuPay)
An ATM, POS device, or online store can all take payments through this domestic card payment network of India. It is a safe network that guards users against anti-phishing attacks.
Bharat Interface for Money (BHIM)
By using your unified payment interface, you can make simple, quick, and easy payments and transactions through the BHIM app. With BHIM, users can send and receive money instantly between banks and also receive payments using only their mobile number or a virtual payment address.
National Automated Clearing House (NACH)
High volume, repetitive, and recurring interbank electronic transactions are made possible by NACH. Banks, financial institutions, businesses, and the government all use this platform.
Immediate Payment Service (IMPS)
Through IMPS, interbank electronic fund transfers are guaranteed around-the-clock via a variety of channels, including mobile, internet, ATM, SMS, and more. It is an effective real-time fund transfer system that instantly moves money between banks all over the nation. IMPS is both cost-effective and entirely safe.
National Electronic Toll Collection (NETC)
The Countrywide Payment Corporation of India has established a national electronic toll collection to fulfil the electronic tolling needs of the Indian market. Through this platform, a national toll payment system is provided, along with clearinghouse services for dispute resolution.
Merchants are allowed to accept digital payments from clients with BHIM Aadhaar. This platform uses Aadhaar authentication to function. By verifying their biometrics through this platform, merchants are able to accept payments from bank customers.
Aadhaar Enabled Payment System (AePS)
Aadhaar authentication is used in AePS, an online interoperable financial inclusion transaction that is carried out at the point of sale by the bank’s business correspondent. Six different types of transactions are available on this platform. Customers can only make payments by entering their bank name, Aadhaar number, and the fingerprint they provided when enrolling.
National Financial Switch (NFS)
It is a 37-member network that links 50,000 ATMs. This platform creates robust, long-lasting operational models using internal resources. National financial switch operating capabilities and services are comparable to those of major international ATM networks.
Check Truncation System (CTS)
Instead of physically processing the check, it is a procedure of clearing checks electronically. During this procedure, a bank must be presented as it travels to the branch of the paying bank. The platform’s administration is under the purview of the National Payment Corporation of India. This approach will also result in significant time savings.
Highlights Provided By Honorable Prime Minister Narendra Modi
The honourable Prime Minister of India has emphasised a number of advantages of the e-RUPI platform on the occasion of its introduction.
He has emphasised how this endeavour is a step toward digital government.
This platform makes it simple to conduct digital transactions, and it will be crucial to the success of digital payments.
This voucher will support focused, open, and leakage-free transactional practises.
The Prime Minister has also emphasised how digital technology is allowing India to advance.
The standard of living for citizens is rising, and technology is significantly influencing how Indians live their lives.
He also expressed his thanks that this programme was started on Amrit Mahotsav, the nation’s 75th anniversary of independence.
In addition to the government, NGOs may also utilise this voucher in place of cash to assist someone with their education, health, or other needs.
This project will make sure that recipients use the funds for the intended purpose.
This program’s initial phase will exclusively cover benefits related to the health industry.
The Prime Minister provided several ideas of how to use this voucher, including in immunisation campaigns, nursing homes, and hospitals, among other places.He has also emphasised the value of technology and stated that this voucher may only be used by the person for whom it was provided.
The introduction of this platform was greatly aided by the banks and payment gateways.
The e-RUPI platform has garnered attention from several private hospitals, corporations, enterprises, NGOs, and other organisations..