Prime Minister Narendra Modi said today that the e-RUPI digital payment platform will be launched. Because of the COVID-19 situation in the country, the PM has declared that the digital payment solution will be launched through video conferencing on August 2 at 4:30 p.m.
National Payments Corporation of India, in partnership with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority, has created the future digital payments app e-RUPI on its UPI platform.
What exactly is e-RUPI?
e-RUPI is described as a “cashless and contactless” digital payment platform. A QR code or SMS string-based e-Voucher supplied to the beneficiaries’ cellphone is the seamless one-time payment option. Users will be able to redeem the voucher at the service provider without the use of a card, a digital payment app, or internet banking.
According to the official press release, the future e-RUPI digital payments platform connects service sponsors with beneficiaries and providers in a digital manner without the use of a physical interface. The platform also ensures that the service provider is only paid when the transaction has been completed. According to the official press release, “it ensures timely payment to the service provider without the involvement of any intermediary.”
PM Modi expects e-RUPI to be a “revolutionary move in the direction of ensuring leak-proof welfare service delivery.” “ It can also be utilized to give services under programs that provide drugs and nutritional assistance to the unemployed.