Prime Minister Narendra Modi on Monday launched the electronic voucher-based digital payment system ‘e-Rupee’. On this occasion he said that the ‘e-rupee’ is a symbol of how 21st century India is progressing with the help of modern technology. Prime Minister Modi said that apart from the government, if any organization wants to help anyone in their treatment, education or any other job, they will be able to offer e-rupee vouchers instead of cash. This ensures that the money they use is used for the given work.
The Prime Minister expressed hope that the ‘e-rupee’ would write new chapters of success. Hundreds of private hospitals, enterprises, NGOs and other organizations have also shown interest. He urged the State Governments to make maximum use of ‘e-Rupee’ to ensure accurate and complete benefits of their schemes.
E-Rupee is easy and secure
Describe ‘e-rupee’ as a cashless and contactless medium for digital payment. It was developed by the National Payment Corporation of India in UPI forum in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.
The NPCI stated on its website, “Users of this seamless one-time payment system can attach vouchers to e-forms accepted by merchants without access to a card, digital payment app or internet banking. E-Rupees are distributed to beneficiaries by SMS or QR code for a specific purpose or activity. NPCI said this unrelated e-rupee was easy and secure, as it would keep beneficiary details completely confidential. With this voucher, the entire transaction process is relatively fast and reliable, as the required amount has already been collected on the voucher.
The government has saved Rs 1.78 lakh crore so far
Prime Minister Narendra Modi on Monday said the government has saved Rs 1.78 lakh crore so far by transferring money from cooking gas subsidy, rations and other social security schemes directly to beneficiaries’ bank accounts through DBT. Fake beneficiaries have been lost using technology. It was successful in preventing theft. Prime Minister Modi on Monday inaugurated the e-rupee platform for digital payments.
The beneficiary will be guaranteed full benefit
The Indian industry believes that e-Rupi, a personal and purpose-oriented digital payment solution, benefits the intended beneficiary and avoids any escapes. TV Narendran, president of the Indian Industrial Federation (CII), said that through this payment mechanism, the government will be able to provide financial support to citizens without intermediary institutions. The voucher system benefits all beneficiaries (including feature phone users), he said. This will prove to be a great medium for corporates.
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Bharat Panchal, CRO of fintech firm FIS, said, “The new digital payment mode e-Rupee is basically a prepaid voucher that can be issued directly to citizens after verifying their mobile number and identity. He added, “The beneficiary can redeem a voucher at a service provider without access to a card, digital payment app or internet banking. This is a very useful tool for those who are not privatized to use digital platforms, but the government provides digital assistance to citizens directly in the form of prepaid e-vouchers run by UPI in a ‘leak-proof manner’. Yes
Plans are great at the bottom
On the other hand, Sanjay Agarwal, president of the PhD Chamber of Commerce and Industry, said this was an important step towards expanding the country’s digitization process. In the future, the government’s various projects will be improved at ground level with the help of e-rupee, he said. This will make the process of social welfare planning faster and easier and increase the efficiency of the private sector in corporate social responsibility activities.