RBI to allow non-bank companies to issue e-RUPI vouchers
Recently, the Reserve Bank of India (RBI) has allowed non-banking prepaid payment instruments to issue e-Rupee digital vouchers.
RBI also proposed to issue e-Rupee vouchers on behalf of individuals to ease the process of issuance and redemption of this voucher.
These steps will make the benefits of e-Rupee digital vouchers accessible to more users, further deepening the penetration of digital payments in the country.
e-RUPI:
- e-RUPI vouchers are pre-paid digital instruments, which a beneficiary receives on his/her phone in the form of SMS or QR code.
- Prime Minister launched e-RUPI, a cashless and contactless instrument for digital payments, on August 2, 2021.
- e-RUPI is a one time contactless and cashless voucher based payment method, which helps users to redeem vouchers without having access to a card, digital payment app or internet banking.
Purpose:
- Exclusive e-RUPI vouchers are now issued by 21 banks in partnership with the National Payments Corporation of India (NPCI) for specific purposes such as payment of hospital bills etc.
- e-RUPI is different from Central Bank Digital Currency (CBDC). e-RUPI is person and object specific digital voucher.
- The beneficiary does not need to have a bank account to obtain or redeem e-RUPI vouchers.
- As it ensures an easy, contactless two-step redemption process that does not require sharing of personal details.
Source – Economics Times
