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Prime Minister Narendra Modi on Monday launched an electronic voucher-based digital payment solution e-RUPI at a video conference for the residents of India. According to the Prime Minister’s statement, e-RUPI is a one-time contact-less medium that allows users to make online payments. The users using this digital mechanism can redeem the voucher without using any card, online transaction applications, or internet banking access.
PM Modi stated that this e-RUPI voucher is a boon for those who don’t have access to the technology. If any organization is willing to help someone for their education, treatment, or something else. The respective beneficiaries can use this e-RUPI voucher instead of cash, it will also ensure that money has been only used for the purpose for which it was sent.
This evolutionary instrument is developed by the collaboration between the Department of Financial Services, Ministry of Health and Family Welfare, National Health Authority, and the National Payments Corporation of India on its UPI platform.
During the conference, PM also said that the government has already saved an enormous amount of Rs 1.78 crores by transferring the LPG gas subsidies, ration amounts, and money indulged in other social security schemes directly to the bank accounts of respective beneficiaries through the use of this technology.
What can be the benefits of the e-RUPI Digital Payment Solution?
e-RUPI Digital Payment Technology will benefit the residents of India in various ways. Let’s dive in to know more about them.
- By using e-Rupi, the sponsors of services will be directly connected to the beneficiaries which will totally eliminate the need for physical interference.
- This online payment system will be provided in the form of digital vouchers therefore users will only have to tap for the payment. The requirement of cards, net banking, and payment gateway provider applications will be eradicated.
- It is safe and secure, beneficiaries will not need to share their credentials while making the transaction.
- The service provider will only get its respective amount after a successful transaction.
- Private companies and other welfare organizations can also enjoy the advantage of e-RUPI. They can provide specific vouchers under employee welfare schemes.
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
Scope of e-RUPI in future
With the evolution of Artificial Intelligence, the popularity of cryptocurrencies like Bitcoin has blown tremendously in Indian markets. However, the increase in currency to GDP ratio is also a reason that the Reserve Bank of India (RBI) has started considering the importance of digital currencies. Still, there are lots of measures that need to be implemented before deciding the success of digital currencies.
