Prime Minister Narendra Modi launched the new Digital Payment Solution in India. The all-new e-RUPI is an electronic voucher promotion digital payment solution. According to Prime Minister’s Office reports, the all-new e-RUPI comes as a cashless or contactless instrument for digital payment. As per official statement, e-RUPI is a QR code or SMS string-based e-voucher. It comes to the mobile phone of the beneficiaries. This one-time payment app will be able to provide vouchers to the users. The users of this Payment Solution will be able to redeem the voucher. These vouchers can be redeem without any card, payment app or any Internet banking access.
e-RUPI – The New Digital Payment Solution:
The all-new digital payment solution, e-RUPI has been develop by the National Payments Corporation of India (NCPI). The complete payment solution is developed on the UPI platform. It is developed in collaboration with the Department of Financial Services and others. Other departments include the Ministry of Health and Family Welfare and National Health Authority. The e-RUPI is a cashless and contactless solution for digital currency exchange in India. According to official statement, e-RUPI establishes a digital link between service sponsors and beneficiaries and service providers. It ensures that there is no need for any physical interface. It also ensures that the service provider is only paid once the transaction has been completed.
Since it is pre-paid, it ensures timely payment to the service provider without the need for a middleman. As per press release, e-RUPI is a part of plan with revolutionary effort for assuring the delivery of leak-proof welfare services. The Digital Payment solution can also be useful for delivering services under various schemes. The scheme that provides drugs and nutritional support under Mother and Child Welfare schemes. Other schemes include TB eradication programs, drugs and diagnostics under Ayushman Bharat. It also includes scheme like fertilizer subsidies under schemes like Ayushman Bharat and Pradhan Mantri Jan Arogya Yojana.
Is e-RUPI like Bitcoin?
According to the announcement, the business sector can use these digital coupons. These can be access as part of their employee welfare and corporate social responsibility programs. Keep in mind, e-RUPI is not like Bitcoin or any other cryptocurrency. With this digital payment solution, the government will also be able to track all the issued vouchers. The Government will also trace the entire path. On the other hand, Cryptocurrencies uses blockchain technology. Cryptocurrencies are decentralize and anonymous, whereas e-RUPI is centralize.
Is e-RUPI the safe Digital Payment Solution?
During the launch event, the National Health Authority (NHA) claims that e-RUPI is entirely safe and secure. They confirm that this service can keeps beneficiary information private. In this digital payment solution, the required amount is also already present in the voucher in form of digital Indian currency. Thus, the transaction procedure is quick and secure. Also Read: Mobikwik data leak: Personal data of 3.5 million users up for sale on dark web