Current AffairsEconomics

e-RUPI

The Prime Minister has launched e-RUPI, a person and purpose-specific digital payment solution.

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.
  • The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app, or internet banking access, at the service provider.
  • It has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority.

Working Mechanism of e-RUPI

  • e-RUPI will be delivered to mobile phones of beneficiaries through SMS-string or a QR code.
  • It will be like a prepaid gift-voucher that can be redeemed at specific accepting centres without any credit or debit card, mobile app or internet banking.
  • It will connect sponsors of the services with beneficiaries and service providers digitally without any physical interface.

 

Tags: Current Affairs, Economics

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