India has grown well digitally in recent years. One such development is seen in the field of digital payment. Technological enhancement has made digital payment a new trend.
This can be seen through an innovative notion of e-Rupi digital payment app. The newly inducted e-Rupi concept by the Indian Prime Minister Narendra Modi has set a new mark. This shows how technology and the economy may go hand in hand.
What is e-Rupi?
e-Rupi is a one-time payment digital platform. It will be shared with the users via SMS or a QR code. The users will be able to redeem the voucher without a digital payment app, a card or an internet banking access. The required amount will already be stored in the voucher.
Read here: What is Plastic Money?
Some Key features of e-Rupi-
|Name of the digital payment||e-Rupi Digital Payment|
|Introduced by||Indian Prime Minister Narendra Modi|
|Organised by||Government of India|
|Under||Reserve Bank of India|
|Developed by||National Payments Corporation of India (NPCI)|
|When it was launched (date/year)||2 August, 2021|
|Mode of payment||Voucher based Payment System|
|Objective||To ensure a cashless, easy and secure payment system digitally.|
|Sectors||Both Public and Private Sectors|
|Personal Details Requirement||No|
Objectives of e-Rupi app-
Following are the objectives of e-Rupi app:
- One of the main objectives of e-Rupi digital payment app is to provide users a reliable way for making payments digitally. The payment will be cashless and the amount will be stored in the voucher.
- To ensure that the details of the beneficiaries are kept confidential.
- To make a payment mode which will be easy to access. It means that the users will not have to carry a card or a payment app or an internet banking access in order to make payments.
- To give reliable and effective access to the services.
- To ensure a timely payment of the services without the interference of a mediator.
- To protect the users from any fraud or or leakage of their personal data.
Features of e-Rupi-
In order to give you a clear picture on the e-Rupi digital payment app, we have listed it’s following features:
- It’s a one-time payment mechanism.
- Through the e-Rupi,the users can redeem the voucher without a card, payment app or any internet banking access.
- e-Rupi has the facility of payment without the indulgence of a mediator.
- It will be shared with the beneficiaries for a specific purpose or an activity with easy access.
- It will be shared via an SMS or a QR code.
- Another important feature of e-Rupi is that the personal details of the users will be kept confidential. Thus, it will be easy and safe.
- The entire transaction will be quick as the amount is already stored in the voucher.
Benefits of e-Rupi digital payment app-
e-Rupi benefits all the sections of the beneficiaries including corporates, hospitals and consumers.
We have brought to you all the benefits of using e-Rupi. You can check them here in the following section:
Benefits for consumers–
- It will lead to cost reduction as the digital transaction will not have any physical indulgence or issuance.
- The online payment will be safe and secure.
- While redeeming the voucher, the users need not have a card or a digital payment app for any banking access.
Benefits for hospitals–
- The issuers can track the voucher redemptions.
- The process of redeeming a voucher is easy and quick. It doesn’t have too many steps to follow.
- e-Rupi will not ask to submit any personal details of the users. The beneficiaries can safely access the services.
Benefits for corporates–
- e-Rupi is beneficial for corporations. It enables the well being of the corporate employees by keeping the data confidential.
- e-Rupi will ensure that an online payment is safe and easy for the employees of the company.
- The e-Rupi vouchers are contactless and can be accessed on time.
Banks Live with e-Rupi–
|Bank Names||Issuer||Acquirer||Acquiring Apps|
|HDFC Bank||Yes||Yes||HDFC Business App|
|ICICI Bank||Yes||Yes||Bharat Pe & PineLabs|
|Bank of Baroda||Yes||Yes||Bhim Baroda Merchant Pay|
|Axis Bank||Yes||Yes||Bharat Pe|
|Punjab National Bank||Yes||Yes||PNB Merchant Pay|
|State Bank of India||Yes||Yes||YONO SBI Merchant|
|Union Bank of India||Yes||No||NA|
Other Services of e-Rupi digital payment app-
- Immediate payment service
- Bharat interface for money (BHIM)
- Rupee and Payment
- Unified Payment Interface (UPI)
- National Automated Clearing House (NACH)
- National financial switch (NFS)
- BHIM Aadhar
- Aadhaar Enabled Payment System (AEPS)
- Cheque Truncation System (CTS)
How to download e-Rupi mobile app–
You can download the e-Rupi mobile app in the following manner:
- Firstly, you need to open the online application store on your phone(Android/IOS). It means, go to the Google app store or the Apple application store on your phone.
- The next step is to type e-Rupi Digital Payment in the search box of the store. Then, press the search button.
- After clicking on the search button, you will get navigated through a list of apps.
- After this, you need to click on the first option you see. You may look for the name e-Rupi in case you did not see it in the first option.
- The next step would include clicking on the install button.
- Once you click on the install option, the installation will start.
- Finally, e-Rupi digital payment app will be installed on your mobile.
Procedure to redeem e-Rupi voucher–
You need to go through the following procedure to redeem your e-Rupi:
- You will be issued a voucher with a specific amount in it. You can access any particular product or service through that voucher.
- At the time of taking a service, you need to show the e-Rupi QR code or SMS.
- The salesperson of the product will scan that particular QR code or SMS.
- When you use the voucher for a particular service or a product, then the details about the transaction will be tracked by the service provider of the voucher.
- After the salesperson is done scanning the QR code or SMS, you will receive the OTP.
- You need not have a bank account in order to have voucher access. You can even provide your mobile number and get the voucher. You will be able to access the voucher.
- e-Rupi digital payment platform can be used both by the Public and Private sectors.
- You can access services including medical services, other government services and many more.
Some other facts of e-Rupi–
- e-Rupi is like gift vouchers that we get to access a product or a service.
- e-Rupi digital payment is based on UPI(Unified Payment Interface) systems.
- It is a quick response (QR) code or SMS string-based e-voucher.
- e-Rupi connects the sponsors of the services/products with the beneficiaries and the service providers. The platform will be digital.
- e-Rupi digital payment is prepaid in its nature.
- It is different from virtual currency. e-Rupi is a voucher based payment platform.
- According to PM Narendra Modi, e-Rupi can also be used in fertilizers subsidies, “Ayushman Bharat” and “Pradhan mantri Jan Arogya Yojana”.
No, you need not have a bank account access or a card to use the e-Rupi voucher. You can also use your mobile number to get the voucher.
No, you can access the voucher without the interference of a mediator/intermediary.
Yes, You can use e-Rupi to access medical and nutritional services too. It can also be used for services meant for TB eradication programmes, providing drugs and nutritional support under mother and child welfare schemes etc.
e-Rupi vouchers will be used to make payments after accessing a service.
No, Cryptocurrencies(uses blockchains) are dispersed and an exchanging platform which is decentralised, whereas e-RUPI(uses UPI systems) is government initiated.
Citizens of India. It will also be used by the Indian government in different transactions and sectors.
Puja hails from the land of forests “Jharkhand”. She is an IT Engineer and worked as an analyst with Tech Mahindra. Her forthright nature and wider perception sparked the writer within. Singing and playing badminton is what she loves.