E-RUPI : India all set to initiate E-Rupi, a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code, in an attempt towards having a digital currency in the country. It is an an electronic voucher based digital payment system “e-RUPI” Monday. NPCI has partnered with 11 banks for e-RUPI transactions. They are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India.

What is e-RUPI?

e-RUPI is a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.

How will these vouchers be issued?

The system has been built by NPCI on its UPI platform, and has onboarded banks that will be the issuing entities.

What are the use cases of e-RUPI?

a. According to the government, e-RUPI is expected to ensure a leak-proof delivery of welfare services.

b. It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc.

What are e-RUPI benefits to the consumer?

a. Contactless: Beneficiary need not carry a printout of the voucher

b. Easy redemption: Two-step redemption process

c. Safe and Secure: Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained

d. No digital or bank presence required: Consumer redeeming the voucher need not have a digital payment app or a bank account