New Delhi: Prime Minister Narendra Modi on Monday launched e-RUPI, the digital payment system which aims to boost digital transactions and DBT in the country with 'targeted, transparent, and leakage-free delivery.'
The seamless one-time payment mechanism has been developed by the National Payments Corporation of India (NPCI) in collaboration with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks.
As described by NPCI, this innovative digital solution – ‘e-RUPI’ will enable users 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.
Moreover, the system is easy, safe, fast and secure as it keeps the details of the beneficiaries completely confidential.
Using this mechanism, Corporates can enable well-being of their employees. Voucher redemption can be tracked by the issuer and it doesn’t require any physical issuance hence leading to cost reduction. It is a hassle free and contactless payment collection which eliminates the task of handling cash or cards. Beneficiary is not required to carry a print out of the voucher and doesn’t need to share personal details while redemption hence privacy is maintained.
There are at least 11 banks live with e-RUPI - Check List
- State Bank of India
- Axis Bank
- Bank of Baroda
- Canara Bank
- HDFC Bank
- ICICI Bank
- Indusind Bank
- Indian Bank
- Kotak Bank
- Punjab National Bank
- Union Bank of India