Prime Minister Narendra Modi has announced to launch e-RUPI digital payments platform today. PM has announced that the launch of the digital payment solution will happen on August 2 at 4:30 pm via video conferencing due to COVID-19 situation in the country. Also Read - PM Modi launches e-RUPI digital payment solution: What is it? Is it like Bitcoin? and more questions answered
The upcoming digital payments app e-RUPI has been developed by 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. Also Read - Apple adds UPI, RuPay, net banking on App Store: How to add new payment methods
What is e-RUPI?
e-RUPI is said to be a “cashless and contactless” platform for digital payment. The seamless one-time payment mechanism is a QR code or SMS string-based e-Voucher delivered to the mobile of the beneficiaries. Users will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider. Also Read - International Yoga Day 2021: mYoga app announced by PM Modi, everything you need to know
Digital technology is transforming lives in a major way and is furthering ‘Ease of Living.’ At 4:30 PM tomorrow, 2nd August, will launch e-RUPI, a futuristic digital payment solution which offers several benefits for its users. https://t.co/UpLgtBl1K3
— Narendra Modi (@narendramodi) August 1, 2021
The official press release notes that the upcoming e-RUPI digital payments platform connects sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. The platform also ensures that the payment to the service provider is made only after the transaction is completed. “It assures timely payment to the service provider without involvement of any intermediary,” the official press release notes.
PM Modi expects e-RUPI to be a “revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.” “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, fertilizer subsidies etc. Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes,” the press release notes.