PM Modi launches e-RUPI digital payment solution: What is it? Is it like Bitcoin? and more questions answered

Indian Prime Minister Narendra Modi today launched an electronic voucher, dubbed e-RUPI to promote digital payments. e-RUPI is a cashless and contactless instrument for digital payment, quite similar to gift cards.

“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,” the official statement said.

What is e-RUPI?

e-RUPI is developed by the National Payments Corporation of India (NPCI) on top of its UPI platform. To develop e-RUPI, NPCI has collaborated with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.

e-RUPI is a cashless and contactless solution for digital payments. It will simply be delivered to the mobile of a beneficiary, who can then redeem the voucher without any card, digital payment app, or Internet banking access, at the service provider. The government claims that these vouchers would ensure that the payments are made after the transaction is completed. Also due to it being pre-paid in nature, it will ensure timely payments without the involvement of any intermediary.

During the virtual event, it was also stated that the digital vouchers can also be used for delivering services under schemes like Mother and Child welfare schemes, TB eradication programmes, Pradhan Mantri Jan Arogya Yojana and more. They also stated that the private sector can also use these digital vouchers as part of their employee welfare and corporate social responsibility programmes.

Is e-RUPI like Bitcoin?

e-RUPI is not like Bitcoin or any other cryptocurrency. The government will track all the issued vouchers and will be able to trace the whole trail, which is not the case with cryptocurrencies, which work on blockchain. Cryptocurrencies are anonymous and decentralised, whereas, e-RUPI is centralised.

Is it safe?

The National Health Authority (NHA) during the event stated that e-RUPI is completely safe and secure as it keeps the details of the beneficiaries confidential. Moreover, it also stated that the transaction process is fast and reliable as the required amount is already stored in the voucher.

The post PM Modi launches e-RUPI digital payment solution: What is it? Is it like Bitcoin? and more questions answered appeared first on BGR India.

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