The honourable Prime Minister of India, Narendra Modi, released the e-Rupi Digital Payment Solution Method on August 2, 2021. This is a prepaid coupon-based digital payment system that enables citizens to transact money without disclosing personal details.
This system has also been developed by the National Payments Corporation of India (NPCI) to promote contactless and cashless payment methods among citizens during the pandemic. The best part about this system is that it can be attainable from any type of phone, including the basic ones with no operating system.
The Department of Financial Services (DFS), National Health Authority (NHA), and Ministry of Health and Family Welfare (MoHFW) have also come forward to shape the initiative of the e-Rupi Digital Payment Method into reality.
e-Rupi Digital Payment Solution Procedure
The government subsidies for different sectors, including health and education, will be sent to the beneficiaries' mobile numbers in the form of vouchers, coupons, or QR codes. The vouchers or QR codes will be sent instead of cash money, and the value will be the same.
The beneficiaries are required to show them to the merchants while availing of the particular service. The vouchers, or QR codes, will be issued for the respective objectives. Hence, people can only use the money to fulfil a specific purpose. No bank card or personal information is required to complete the transaction.
e-Rupi Digital Payment Solution Benefits
- The e-Rupi Digital Payment Solution does not require any cash, bank cards, internet banking facility, or digital payment app.
- As the payment is person and purpose-specific, the leakage of subsidised money due to corruption and other reasons can be restricted.
- As the beneficiary does not need to convey any personal details, the security encryption is higher.
The e-Rupi Digital Payment Solution also allows the beneficiary to transact money even if they have no existing bank account. Higher adoption rates in rural areas and among economically disadvantaged people would be feasible because of this flexibility in the system.
Through a variety of government programmes, there is also a great possibility to assist small enterprises in a directly beneficial manner. This would assist the underprivileged in achieving long-term economic goals and livelihoods.
It will help in achieving the financial integration of the country's citizens. It would also ensure that the public services approach lists-mile consumers in a transparent and timely way, with no leakage of benefits or subsidies.
- The e-Rupi Digital Payment Solution is not only safe to use but also it is very easy to use. Hence, illiterate people would be able to get benefits from this system.
It can be concluded that the e-Rupi Digital Payment Solution is a smart initiative by the government and it can provide many advantageous prospects for the beneficiaries. Although there is a chance of claiming vouchers from other people as no personal details are required.
FAQs on e-Rupi Digital Payment Solution
Q.1. What is the e-Rupi Digital Payment Solution?
The e-Rupi Digital Payment Solution refers to the exclusive payment system embarked upon by the government of India. Users who want to pay for a specific purpose will receive a QR code or an SMS to complete the payment. This method of online payment will not require a bank card or an online payment app.
Q.2. When was the e-Rupi Digital Payment Solution launched?
The e-Rupi Digital Payment Solution was inaugurated on August 2nd, 2021 by the honourable prime minister of India.
Q.3. Who built the e-Rupi Digital Payment Solution for India?
Some of the pioneering institutes and government bodies have taken an active part in developing e-Rupi Digital Payment Solutions for India. The main initiative came from the National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services (DFS), the National Health Authority (NHA), and the Ministry of Health and Family Welfare (MoHFW). Some national banks have also become partners in this venture.
Q.4. What are the advantages people can avail of through using the e-Rupi Digital Payment Solution?
People can experience numerous benefits from availing themselves of the e-Rupi Digital Payment Solution, which includes transactions of money without any physical contact and also without sharing any personal information. This system is accessible from any type of phone, and a smartphone requirement is not mandatory.