e-RUPI Digital Payment Solution to Be Launched by PM Narendra Modi on 2nd August | Daily Current Affairs 2021

e-RUPI Digital Payment Solution to Be Launched by PM Narendra Modi on 2nd August

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e-RUPI Digital Payment Solution

e-RUPI: Prime Minister Narendra Modi will launch the “e-RUPI Digital Payment Solution” on August 2, 2021, through video conferencing.

Highlights:

  • e-RUPI is an e-voucher-based payment solution.
  • The concept of electronic vouchers aims to take forward the vision of good governance.
  • The e-RUPI initiative will be one of the programmes launched over the years to limit touchpoints between the government and the beneficiary.
  • It will ensure that the benefits reach their intended beneficiaries in a targeted and leak-proof manner.
  • e-RUPI is a one-time payment mechanism that will allow users to redeem vouchers without using the card, digital payments app, or internet banking access.

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 can be sent on the mobile of the beneficiaries.
  • It is a seamless one-time payment mechanism.

Key Points about e-RUPI:

  • It has been developed by the 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.
  • This platform was launched to ensure a leak-proof delivery of welfare services.

Benefits of e-RUPI:

  1. e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
  2. It also ensures that the payment to the service provider is made only after the transaction is completed.
  3. The one-time payment mechanism of e-RUPI will allow users to redeem the voucher without a card, digital payments app, or internet banking access, at the service provider.
  4. Being pre-paid in nature, it assures timely payment to the service provider without the involvement of any intermediary, the statement said.
  5. It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.
  6. 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 and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc.
  7. Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes,

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