e-RUPI (Digital Payment Platform)

On August 2, 2021 Hon. Prime Minister Mr. Narendra Modi launched e-RUPI an digital payment platform made in India. This launch was undertaken through video conferencing. e-RUPI is launched for ensuring more transparency in the digital transactions thereby strengthening digital payment mechanism in the country. It is basically a cashless instrument for making digital payments. It is a QR code/ SMS string based electronic voucher through which transactions can be made without any card or digital payment app or internet banking service. It will boost the digital transactions as well as Direct Benefit Transactions in the country. e-RUPI vouchers can be used by the organisations to give employee benefits. It can also be used instead of cash for medical purposes/ education/ other work. It will boost the digital infrastructure in the country. During the launch PM stated that e-RUPI is a futuristic reform initiated at the time when India is set to celebrate Amrit Mahotsav.

Overview:

Objectives and Benefits:

• The main objective of this initiative is to ensure transparency in the digital transactions through one time payments mechanism – electronic vouchers
• It will boost the digital transactions as well as Direct Benefit Transactions in the country.
• Electronic vouchers can be used by the organisations to give employee benefits.
• Organisations can also use the vouchers to help the poor or needy people or even in Covid-19 and allied treatments
• It can also be used instead of cash for medical purposes/ education/ other work.
• The initiative aims at boosting the digital payment infrastructure
• It tends to strengthen the digital payment mechanism in the country

Initiative Details:

• e-RUPI is a digital payment platform launched by Prime Minister Narendra Modi through video conferencing on August 2, 2021
• This platform is launched as a futuristic reform in digital transactions in the country
• It is a made in India platform for digital transactions and DBT developed by National Payments Corporation of India on its UPI platform in collaboration with the department of financial services, Ministry of Health & Family Welfare and National Health Authority.
• It is a QR code/ SMS string based electronic voucher through which transactions can be made without any card or digital payment app or internet banking service
• Electronic vouchers under this initiative will be used for medical purposes or health services and treatments for the start
• It will also be used for other services in the near future
• These vouchers can be used instead of cash as an alternative
• Cashless transactions will be promoted through this initiative
• Apart from government, other private organisations can also use the electronic vouchers to help some needy person in terms of any medical treatment/ covid treatment or so on.
• It aims at transparent and targeted leakage free delivery system in the country
• During the launch PM also stated the increased number of RuPay cardholders and their transactions amounting to thousands of crores in total
• He further stated the world is applauding India’s fintech sector and India is showing the world that it is not behind in adopting new technology
• This initiative will thereby strengthen the digital payment infrastructure in the country