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Rupi – Digital Payment System and a New Mode of UPI Payments

by Sudhir kumar

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The National Payments Corporation of India has launched a digital solution that is known as e-RUPI. This payment mode is powered by UPI and it is a type of e-voucher service that can help the unbanked sections of the society to enjoy services like child welfare, healthcare, subsidies, and even the corporate can use this service as a benefit for their employees. This prepaid voucher will be issued directly to the citizens by the banks once they verify the mobile number and the identity of the citizen. On the other hand, a prepaid voucher will be delivered in the form of a QR code or through an SMS string e-voucher to the beneficiary’s mobile number instead of depositing the cash into the bank account. Let’s explore more about the e-RUPI digital payment system.

Features of E-Rupi

  • One can get the e-RUPI vouchers from 11 different banks present across India.
  • It is a prepaid voucher and it works somewhat like a demand draft.
  • The beneficiary will receive the QR code or an SMS with e-RUPI voucher details once the voucher is issued.
  • This SMS Voucher or QR code can be used only once by the person to whom it has been issued.
  • The beneficiary can redeem the voucher without internet banking and card.
  • One can use the e-RUPI voucher only for the purpose for which it is issued.

Need for E-Rupi Digital Solution

Earlier, the government used to transfer funds for the citizen welfare but they were not sure whether the funds were used for the desired purpose or for some other objective. But, as we can see that e-RUPI vouchers can only be redeemed for the purpose for which they are issued so one cannot use them for a different purpose. On the other hand, transparency is the key objective of this payment mode and the payment will only be initiated once the beneficiary has received the services.

Therefore, it is quite obvious that the issuer will know that his money has been utilized for the right purpose.

Uses of E-Rupi

This mode of payment will be used for the welfare services like:-

  • Providing Drugs and Nutritional Support under the Mother and Child welfare schemes.
  • TB Eradication Programs
  • Fertilizers Subsidies
  • Drugs and Diagnostics under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
  • Corporate sectors can also use the e-RUPI vouchers for their employees.
  • Private Sector Companies can issue this voucher to cove healthcare, education, CSR activities, and other social responsibility programs.

List of Banks Supporting E-Rupi

There are 11 banks in India that are supporting the e-RUPI Digital Payment system but not all of them accept the e-RUPI vouchers as a mode of payment. There are some banks that are only issuing e-RUPI vouchers but they are not accepting them. You can see the list of banks below:-

  • State Bank of India (Issuing and Accepting)
  • ICICI Bank (Issuing and Accepting)
  • HDFC Bank (Issuing and Accepting)
  • Punjab National Bank (Issuing and Accepting)
  • Axis Bank (Issuing and Accepting)
  • Bank of Baroda (Issuing and Accepting)
  • Canara Bank (Only Issuing)
  • Indusind Bank (Only Issuing)
  • Indian Bank (Only Issuing)
  • Kotak Bank (Only Issuing)
  • Union Bank of India (Only Issuing)
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