On August 2, e-RUPI was launched for cashless and contactless payments. E-Rupee is basically a digital voucher which the beneficiary receives on his phone in the form of SMS or QR code. This is a prepaid voucher which can be used by the beneficiary at any receiving center.
Which banks are partnering with: National Payments Corporation of India has partnered with 11 banks for e-Rupee transactions. These banks are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India.
Option to use Bharat Pay, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and Yono SBI Merchant Pay. It is expected to include applications with most banks receiving e-Rupees soon.
E-Rupee does not require: It is not necessary that the beneficiary has a bank account for e-Rupee. This ensures an easy, contactless two-step process for accepting payments that do not require sharing personal details.
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The e-rupee also works on basic phones, so it can be used by people who don’t have a smartphone or where the internet connection is weak.
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