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What is digital payment solution e-rupi, and how does it work?

PM Narendra Modi is launched a unique medium of digital payment solution called e-RUPI on 2 August 2021. It’s an electronic voucher-based digital payment option initiated by the National Payments Corporation of India (NPCI) under the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority.

However, it’s a person-specific and purpose-specific payment system that embraces the idea of digital India.

What is digital payment solution e-rupi?

What is digital payment solution e-rupi?

digital payment solution e-rupi  is a great initiative that promotes cashless transactions in India. In a nutshell, e-RUPI is a contactless and cashless digital payment instrument. It’s an e-voucher based service sending the QR code or SMS string on the mobile number of beneficiaries. Through this advanced launch, services sponsors can connect with the beneficiaries without any physical interaction, it’s a digital interconnection.

Furthermore, it eases the way of the transaction as it can assure timely payment without the interference of the mediator. This digital payment system supports Mother and Child welfare schemes, TV eradication programmes and much more by delivering services related to drugs and nutrition. It’s a revolutionary initiative empowering welfare schemes.

How does it work?

PMO states that “digital payment solution e-rupi connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface,”.

It simply means that the Government will send the e-vouchers on the registered number of the beneficiaries.

However, e-vouchers work as e-gift cards that work with the internet and mobile banking with no credit or debit cards.

Banks using the e-RUPI digital payment option

Different public and private banks are supporting this digital payment system, and currently, there are 11 banks that will provide this feature to their customers. You can get both issuance and redemption coupons of e-RUPI at State Bank of India, Punjab National Bank, ICICI Bank, HDFC Bank, Axis Bank and Bank of Baroda. These are the names of banks that are completely supporting this innovative payment system.

Furthermore, Banks such as Canara Bank, Indian Bank, Kotak Mahindra Bank, IndusInd Bank, and Union Bank of India support this scheme, but they are not delivering redeeming digital voucher options.

In these banks, you can only get e-RUPI coupons. The centre stated that “the concept of electronic voucher takes forward this vision of Good Governance. It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services,” and their vision is in the right direction.

How To Download digital payment solution e-rupi app?

This digital payment solution e-rupi app can be installed from npci.org.in If you are an iPhone or Android user, you can simply download this payment app from the app store such as google play store and apple store. This exclusive app can be easily downloaded via the internet and opens a new gateway to digital payment.

This upgraded payment app eases the transaction process as by using this app, you can easily send and receive money in the form of a voucher from anyone. It prevents an individual from hassles and fraud. It’s the safest and secure digital payment platform featuring plenty of benefits.

How To Use digital payment solution e-rupi ?

This app is linked with the mobile number of beneficiaries, and they will get a unique string message and QR code that help individuals to download the app. This app connects beneficiaries and sponsors and allows them to use prepaid e-vouchers without linking with any debit card, credit card, and internet banking. Through this digital system, beneficiaries will be identified via their mobile number and the e-vouchers they get.

Features Of Digital payment solution e-rupi app

PMO introduced a variety of features that separate this app from the rest of the digital payment platforms. Some of its exciting features are as follows:

  • The incredible first app in India that features cashless transactions and contactless currency.
  • SMS and QR-based e-voucher facility that gives prevention against fraudulent services.
  • It favors a one-time payment mechanism.
  • Empower welfare schemes such as medicine and nutritional assistance for maternal and child. Effective in declining the poverty rate in India.
  • Digital vouchers can also be used for company staff welfare and social welfare.
  • Connect sponsors and beneficiaries without any hassles through the internet.
  • e-RUPI is the safest and fastest digital payment platform to empower the Digital India project.

Benefits of Digital payment solution e-rupi app

This payment gateway is launched with a specific purpose and comes up with exclusive benefits that help individuals and sponsors significantly. Some of its benefits are as follows:

  • It’s an advanced payment option that promotes digital transactions by reducing the cost.
  • This app features a quick redemption process that banishes the role of a mediator from money distribution.
  • It offers the fastest transaction process that saves time.
  • Facilitates a safe payment option and ensures the account details and customer information will be encrypted.
  • Directly beneficial for poor people as it accelerates the welfare schemes and features contactless voucher distribution.
  • It doesn’t require the presence of any bank and third party to use this app.

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Summing Up

e-RUPI digital payment solution is a revolutionary welfare scheme launched by the Government of India, and it is not linked with any mobile application and banking software.

It’s for everyone as everyone can access this scheme through their mobile phone and get the e-vouchers efficiently. It holds plenty of benefits to the beneficiaries and supports the digital India mission.