Know about e-Rupi | Benefits of e-Rupi | What is e-Rupi ?

what is e-rupi
what is e-rupi

Know about e-Rupi | Benefits of e-Rupi | What is e-Rupi ? :In order to ensure proper utilization of the help received from government schemes and to promote digital payments, the government has started a payment system with e-RUPI vouchers. It was launched by Prime Minister Narendra Modi on 2 August 2021. What is this e-RUPI and how does it work? In this article we are telling. It is also giving information about what will be the benefit to the people.

What is e-Rupi ?

e-Rupi is a type of prepaid digital voucher. In this, money is received on your mobile, in digital form, and with the help of mobile number only, these money is also paid. With the help of SMS, QR code and OTP, the whole process is done. For this, you do not need any bank account.

Even for making payments through e-Rupi, no card or payment app or internet banking is required. It completely Cashless (Nkdirhit) , Contactless is payment (contactless) and Safe (Safe).

Another great feature of these vouchers is that the money received in the form of subsidy or help can be spent only for the work for which it has been received. For example, if you have an e-RUPI voucher for Corona Vaccine, then it can be used only for Corona Vaccine and not for any other purpose.

Also, it can be used only for the person for whom it is issued. For this a technically capable system has been prepared.

The entire amount received in the form of e-Rupi vouchers will be fully paid in one go. Because in any of these there will be only that amount, as has been fixed for that work. At present, only e-Rupi vouchers can be issued up to a maximum value of Rs 10 thousand.

Who developed e-Rupi Prepaid Voucher

It has been developed by National Payments Corporation of India (NPCI), with the help of Department of Financial Services (DFS), Ministry of Health and Family (MoHFW), National Health Authority (NHA). Its entire system works on the UPI platform. In the future, it can also be used by companies and institutions. It has been approved by Reserve Bank of India.

Three types of institutions will get the work of issuing e-Rupi vouchers – banks, payment service providers and prepaid vouchers makers. At present, the names of those who have been authorized for this work are-

  • State Bank of India (SBI)
  • Punjab National Bank (PNB)
  • HDFC bank
  • Bank of Baroda
  • Canara Bank
  • Indusind Bank
  • ICICI Bank

Apart from these, financial technology companies Pine Labs and BharatPe are also reported to be associated with this project.
Where was it first used? Firstly, it was issued for cashless payment in the Corona Vaccination (COVID-19 vaccination) campaign. Because private hospitals have been given the freedom to vaccinate corona for a fee.

How will the payment system of e-Rupi work?

  • On the request of the government department or company, the authorized bank or payment company can issue e-RUPI vouchers. They will have to give information in advance as to who the vouchers will be for and for what amount. As the identity of the individuals, their mobile numbers will have to be given.
  • Based on these details, the bank or payment company will generate e-RUPI vouchers. These vouchers will be in the form of QR-code or SMS, which will be sent to the mobile numbers of the beneficiaries.
  • The person or institution receiving the payment from these vouchers will have to have a QR-code or SMS scanning device. Once the voucher is scanned, OTP will be sent to the beneficiary’s mobile number. Once the OTP verification is done, the payment process will be completed.
  • All such payment details, in digital form, will reach the beneficiary as well as the company or department issuing e-RUPI vouchers. This will let them know who has paid and with whom. Similarly, the record of all the e-RUPI vouchers will continue to be prepared with the department or company.
what is e-rupi
e-Rupi

What are the benefits of e-Rupi?

By using e-rupee, it will be easy for the government to spend the subsidy money at the right place. Common people, companies and hospitals will also benefit from this. How will it happen, let’s know-

e-Rupi Benefits for Common People | e-Rupi Benefits for People

  • Only mobile number needed: To get money from government or company, just giving mobile number will work. On the same, in digital form, money will come and from that, in digital form, money will also be paid.
  • No dependency on payment methods : No need to hold any debit, credit or prepaid cards for transactions with e-Rupi. No payment app or net banking is required. There will be no need to open a bank account or give an account number.
  • No room for fraud: The process of payment from your voucher will be completed only when you tell the verification code. With this, there will be no scope for any kind of commission or fraud.
  • No risk of infection: There will be no need for any direct contact between the payer and the payer. Because neither will have to pay in cash nor will have to present any kind of document. Due to this there will be no scope to spread the infection of any disease. The dire need of such a payment system was being felt in the environment of Corona epidemic.
  • Data privacy will be maintained: You will not even need to provide Aadhaar number or bank account number or any other details to receive or make payments. With this, your privacy will be maintained and there will be no possibility of misuse of data.
  • No hassle of keeping proof: You will have a digital record of every transaction and the information will automatically reach that company or institution as well. That is, you will not have to collect proof of your expenses.

e-Rupi Benefits for Company | e-Rupi Benefits for Corporate

  • Proper use of help: Companies can issue e-Rupi to their employees to provide any special allowance or help. They will be able to spend it only for the work for which they have been issued this voucher.
  • Cost Reduction: With no need for any bank account, card or app, the process of sending money will be very smooth and fast. For this, fewer employees will be required, which will reduce their cost.
  • Automatic Record : There will also be no need to take proof of expenses from the employee, as the record of the digital transaction will also reach the company automatically. The company will automatically know where the money has been spent.
  • Protection of Employees: For issuance of e-Rupi Vouchers, no direct contact with the employees will be required. Help can be sent to employees in a safe way, without risking the health of others. 

e-Rupi Benefits for Hospital

  • At present, the private hospitals participating in the corona vaccination will get the full payment of the vaccine through e-Rupi vouchers immediately. Because the entire amount will be in the voucher issued by the government.
  • Hospitals will not have to wait for data to generate vaccination and then collect payment from the government. In the future, this method will also be effective in treatment through other schemes.
  • Read : Top International Credit Card

Source: Share Market News

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