E-RUPI
WHAT IS E RUPI ? WHO ARE THE LIVE MEMBERS OF E-RUPI ?
WHAT ARE THE BENEFITS OF E -RUPI SYSTEM ?
e-RUPI , A cashless Contactless instrument :
e-RUPI , QR Code and SMS string based Payment Solution :
02.08.2021 : Prime Minister Shri Narendra Modi will launch e-RUPI, a person and purpose specific digital payment solution on 2nd August 2021 at 4:30 pm via video conferencing . It has been 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.
The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code. No digital or bank presence required - Consumer redeeming the voucher need not have a digital payment app or a bank account
This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential. The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher.
It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies etc. Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.
Source : PIB of India
WHAT IS E- RUPI ?
National Payments Corporation of India (NPCI) in association with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, has launched an innovative digital solution – ‘e-RUPI’.
The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.
WHAT IS e-RUPI ? : e-RUPI is a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without involvement of any intermediary
This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential. The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher.
Don't confuse E-rupi with the Digital rupee as both are different concepts . While E-Rupi is a voucher , Digital Rupee is another form of Indian Currency . To know what is Digital Rupee , CLICK HERE
Benefits of E-Rupi :
For corporates :
1. End to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
2. Voucher redemption can be tracked by the issuer .
3. safe & contactless voucher distribution
For Merchants :
1. Secure - Voucher is authorized via a verification code
2. Hassle free & Contactless payment collection - Handling of cash or cards is not required
3. The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
For Consumers :
1. Contactless - Beneficiary should not carry a print out of the voucher
2. Easy redemption - 2 step redemption process
3. Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
4. Consumer redeeming the voucher need not have a digital payment app or a bank account
Banks live with e-UPI :
AU Small Finance Bank
2Axis Bank
3Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Federal Bank
9HDFC Bank
ICICI Bank✔
Indusind Bank
Indian Bank
Indian Overseas Ban
Karnataka Bank
Karur vysya Bank
Kotak Bank
Paytm Payment Banks
Punjab National Bank
State Bank of India
UCO Bank
Union Bank of India
Yes Bank
For the latest list of Live partners & Live hospitals , CLICK HERE
RBI TO EXPAND THE SCOPE OF E-RUPI
Dated 08.06.2023 : The e-RUPI, a digital voucher launched in August 2021, rides on the Unified Payments Interface (UPI) system of National Payments Corporation of India (NPCI). At present, purpose-specific vouchers are issued by banks on behalf of Central and State Governments and to a limited extent on behalf of corporates.
Keeping in view the benefits for users and beneficiaries alike, it is proposed to expand the scope and reach of e-RUPI vouchers by (a) permitting non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers and (b) enabling issuance of e-RUPI vouchers on behalf of individuals. Other aspects like reloading of vouchers, authentication process, issuance limits, etc., will also be modified to facilitate use of e-RUPI vouchers. Separate instructions will be issued shortly.
To read RBI announcement , CLICK HERE
RBI ENHANCES CAP ON E-RUPI
Dated 10.02.2022 : The e-RUPI prepaid digital voucher, developed by the National Payments Corporation of India (NPCI) and launched in August 2021, is a person-specific and purpose specific cashless voucher and can be used by individuals, corporates or governments. e-RUPI runs on the UPI platform and has a cap of ₹10,000/- per voucher and each voucher can be used / redeemed only once. e-RUPI vouchers are presently being used largely for COVID-19 vaccination purposes. There are other use cases being actively considered by various State Government and Central Government Ministries / Departments.
To facilitate digital delivery of various government schemes to the beneficiaries, Reserve Bank of India ( RBI ) has proposed to increase the cap on amount for e-RUPI vouchers issued by Governments to ₹1,00,000/- per voucher and allow use of the e-RUPI voucher multiple times (until the amount of the voucher is completely redeemed). Necessary instructions to NPCI will be issued by RBI shortly .
To read RBI announcement , CLICK HERE