Prime Minister Narendra Modi launched the digital payment solution e-RuPI on Monday. This is considered a major step towards making India a cashless country. This voucher based digital payment solution has been developed by the National Payment Corporation of India (NPCI). In the following days, the government can use it to transfer the benefits of its projects directly to the beneficiary. People benefit directly from the past. At present, beneficiaries may face difficulties due to the negligence of the authorities when the account is funded. Now people will face fewer problems with this new payment method.
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What is e-Rupi
It is like a contactless and cashless device for digital payment. This is a QR or SMS string based e-voucher that reaches directly to the beneficiary’s mobile. There is no third party intervention in this. Digital fraud can be avoided.
The ten advantages of e-RUPI
1) E-Rupee is a cashless and contactless digital payment.
2) Digital connects service sponsors and beneficiaries.
3) Ensures leak-proof delivery of various welfare services.
4) It is a QR code or SMS string based e-voucher which is delivered to the beneficiary’s mobile.
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5) Users of this seamless one-time payment system will be able to redeem a voucher without accessing a card, digital payment app or Internet banking service provider.
6) E-Rupee connects service providers with beneficiaries and service providers digitally without any physical interface.
7) This ensures that the payment is made to the service provider only after the transaction is completed.
8) Because it is pre-paid in nature, it assures the service provider of timely payment without the involvement of any intermediary.
9) Apart from regular payments, it can be used for projects such as Ayushman Bharat Prime Minister’s Jan Health Scheme, Fertilizer Subsidy, Maternity and Child Welfare Schemes, TB Eradication Programs, Medicines and Diagnosis. Etc.
10) The private sector can use these digital vouchers for its employees’ welfare and corporate social responsibility programs.