Government of india launched "e-RUPI". "e-RUPI" is digital currency in india. The prime minister narendra modi will launch an electronic voucher based digital payment system "e-RUPI". The "e-RUPI" Platform is developed by national payment corporation of india(NPCI)
How e-RUPI Works?
The e-RUPI is cashless and contactless digital payment system. e-Rupi is like QR code. e-RUPI is like prepaid gift Gaucher. e- RUPI will not require any credit or debit card , or mobile aap or internet banking. e-RUPI will connect the sponsors of services with the beneficiary and service providers in a digital manner without any physical interface
How e-RUPI Voucher will issued?
The system of e-Rupi is developed by NPCI. Corporate or Government agency will have to approach the partner bank, which are both private and private and public -sector lenders, with the details of specific persons and purpose for which payment have to be made.
What are The use case of E-RUPI?
According to the government the main work of e-RUPI is leak-prrof delivery of welfare services. The e-RUPI can be used for delivering services under schemes meant for providing drugs and nutritional support under mother and child welfare schemes.
How e-RUPI is different than a digital Currency?
The Government of india is already working on developing a central bank digital currency and launch of e-RUPI could potentially highlight the gaps in digital payment infrastructure that will be necessary for the success of the future digital currency.
E-RUPI is a digital voucher that can be redeemed by beneficiaries when they make use of any specific government services. The e-RUPI does not require card or internet access.
The QR code or SMS string will be sent to beneficiary and they will need to show it to the welfare service providers for the transmission to be complete.
e-RUPI is powered by NPCI'S UPI platform and the service has on boarded about a dozen banks to be issuing entities.
e-RUPI a digital Currency?
No, The e-RUPI is built for a specific transaction for services so E-RUPI is not digital currency.