|Hon’ble PM Sh Narendra Modi
|To deliver benefit to person and purpose specific
|Date of Release
|2nd August 2021
|eRupee App Name
|Type of Payment
|Digital Voucher Transaction
|Direct Transfer Person and Purpose specific
In this article, we will explain in simple words what is e-RUPI digital payment and how it works. So let’s start with. Indian Prime Minister Mr. Narendra Modi has recently launched e-RUPI digital payment. It is said that e-RUPI will bring a revolution in the digital payment world in the coming future. Let’s have a look at what is e-RUPI
What is e-RUPI vouchers
E-RUPI is not exactly a digital payment method like other payment services like Paytm, Google Pay, Phone Pe, etc. e-RUPI is simply a QR Code or SMS string-based e-voucher. Here ‘e’ stands for ‘Electronic’, ‘R’ for ‘Rupees’ and ‘UP’I for ‘Unified Payment Interface. e-RUPI is launched by the National Payments Corporation of India i.e NPCI in collaboration with the Ministry of Health and Family Welfare (MoHFW), Department of Financial Services (DFS), National Health Authority (NHA), and several banks.
E-Rupi will be available in two formats
- QR Code Form
- SMS String-based e-voucher
For using e-Rupi you will have no need for UPI based app and it can be used on your simple mobile phone also i.e for using e-Rupi you will not require a smartphone.
What is the use of e-RUPI and how does it works
e-RUPI will be used in many places. Suppose you get a subsidy for Gas cylinders or any other service then this subsidy is directly transferred to your bank account and it can be used for anything. But this is not the case with e-RUPI. When you receive an e-RUPI voucher for a service then it can be only used for that particular service only. The e-RUPI voucher that you receive will be with your name and your mobile number will be linked with it. For example, if you receive an e-RUPI voucher for the subsidy, then you can only use it for subsidy.
Some fixed amount will be there in the e-RUPI voucher that you will receive and there is a validity period for that voucher. It means you have to use that e-RUPI voucher before that validity period.
In other words, we can also say that e-Rupi is a prepaid Gift card that can be used by the receiver as per his need. Another important thing to note about E-Rupi is that there will be no need for any bank account or internet for using it.
We will explain this in more detail with this example. Suppose the Government is giving subsidies for the Gas cylinders to the eligible people. Earlier the Government used to transfer this subsidy amount to their bank account. But some people don’t have a bank account. So in this case the E-Rupi voucher will be useful. The Government will provide the subsidy in the form of SMS or QR code. This SMS or QR Code will be sent to the mobile number of the receiver, which can be used while purchasing Gas cylinder.
After using the E-Rupi voucher for the particular service, a notification message will be sent to the user’s mobile number which indicates that his voucher has been used.
Where E-RUPI can be used
Currently, E-rupi can be used for the following services:
- To providing medicines and nutritional assistance under maternal and child welfare scheme
- Under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
- For Subsidy of Fertilizers
- Private companies and business owners can also provide these E-Rupi vouchers to their employees.
Benefits of e-Rupi Vouchers<
e-Rupi will be beneficial in many fields. Various benefits of e-Rupi in different sectors are:
Benefits for Corporates
- Business owners can give e-rupi vouchers as gift cards to their employees
- The transactions through e-Rupi is done digitally so there is no need for physical payment
- The use of e-rupi vouchers can be easily tracked by the entity or business which issues them.
- Payment through e-rupi is fast and it is totally safe.
- Unlike credit/debit card, E-Rupi transaction is totally contactless
Benefits for Hospitals
Various benefits for E-rupi for hospitals are:
- Making transaction at the hospitals through e-rupi is totally safe because it requires a verification code to complete the transaction
- There is no need to carry the cash with you for paying hospital fees.
- Redeeming e-Rupi voucher doesn’t take too much time.
Benefits to the Consumer
Various benefits offered by e-Rupi to consumers are:
- E-rupi transaction is totally contactless
- E-rupi vouchers can be redeemed in just two simple steps thus takes very little time
- No personal details will be required from the consumer which makes e-rupi totally safe and secure
- There is no need to have a bank account or internet connection for using e-rupi
Who Will Issue e-RUPI Vouchers
E-rupi is based on the UPI platform and NPCI i.e National Payments Corporation of India has tied up with various banks to issue the e-rupi vouchers to the consumers. Any Government agency or private company who wants to issue e-rupi vouchers to its employee, have to contact these partner banks.
The list of banks which have done an agreement with NPCI for issuing e-rupi vouchers are mentioned below:
E-Rupi Issuing banks list
|Acquiring App / Entity
|Bank of Baroda
|BHIM Baroda Merchant Pay
|Bank of India
|Bank of Maharashtra
|Central Bank of India
|HDFC Business App & Ezetap
|BharatPe and Pine Labs
|Indian Overseas Bank
|Punjab National Bank
|PNB Merchant Pay
|State Bank of India
|YONO SBI Merchant
|BHIM UCO UPI
|Union Bank of India