PM Modi To Launch Digital Payment Solution e-RUPI Today, Know Benefits Of The 'Futuristic Method'

Prime Minister Narendra Modi will launch a digital payment solution for cashless and contactless transactions.

Prime Minister Narendra Modi (File Photo)

New Delhi: Prime Minister Narendra Modi will launch the e-RUPI, an e-voucher-based digital payment solution on Monday via video conferencing.

The e-RUPI initiative is one of the programmes launched over the years to limit touch points between the government and the beneficiary and "ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner", the Prime Minister's Office said in a statement.

“Digital technology is transforming lives in a major way and is furthering ‘Ease of Living.’ At 4:30 PM tomorrow, 2nd August, will launch e-RUPI, a futuristic digital payment solution which offers several benefits for its users,” Modi said in a tweet on Sunday.

 The digital payment system has been developed by the National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.

What Is e-RUPI?

e-RUPI is a cashless and contactless method for digital payment. It is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the users who will be able to redeem the voucher without needing a card, digital payments app, or internet banking access, at the service provider.

The digital payment solution connects sponsors of services with beneficiaries and service providers digitally without any physical interface. e-RUPI ensures that payment to a service provider is made only after the completion of a transaction. “Being pre-paid in nature, it assures timely payment to the service provider without involvement of any intermediary,” the PMO statement added.

Benefits of e-RUPI

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 prepaid in nature, it assures timely payment to the service provider without the involvement of any intermediary.

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.