e-RUPI
- Recently, India has launched a new digital payment system called e-RUPI.
- e-RUPI is an electronic voucher based person-specific and purpose-specific digital payment system.
- These vouchers, like e-gift cards, are prepaid in nature.
- The code of this card, SMS Or can be shared via QR code.
- The e-RUPI is backed by the existing Indian rupee as the underlying asset. The uniqueness of its purpose sets it apart from virtual currency and closer to voucher-based payment systems. E-rupee is not a platform.
- It has been developed by the National Payments Corporation of India (NPCI) on its UPI platform. It has been developed in collaboration with Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.
Importance of e-RUPI:
- Being prepaid in nature, it assures the service provider of timely payment without the involvement of any intermediary.
- No digital platform or bank required. There is also no need to have a digital payment app or bank account with the subscriber who has redeemed the voucher.
- It ensures leak-free delivery of various welfare services.
- Corporate companies can issue these vouchers to their employees.
- Voucher redemption (Voucher redemption) can be monitored by the issuer.
Source – The Hindu
