Friday, September 17, 2021

PM Modi to launch person & purpose-specific digital payments platform ‘e-RUPI’

Taking another imperative major in the world of the digital economy, Prime Minister Narendra Modi is all set to launch e-RUPI, an electronic voucher-based and purpose-specific digital payment system on 2nd August 2021 at 4:30 pm via video conferencing.

“Over the years, several programs have been launched to ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner, with limited touchpoints between the government and the beneficiary. The concept of electronic voucher takes forward this vision of Good Governance,” a statement from the Prime Minister Office (PMO) read while adding that the Prime Minister has always championed digital initiatives.

The digital initiative is one of the programs launched over the years to limit touchpoints between the government and the beneficiary to ensure that all the benefits of the program reach its intended person in a targeted and leak-proof manner, the statement added.

Understanding e-RUPI

Developed by the National Payments Corporation of India (NPCI) along with the Department of Financial Services, Union Ministry of Health & Family Welfare, and National Health Authority, e-RUPI is a QR code-based or SMS string-based e-Voucher, which is delivered to the beneficiaries via mobile. The beneficiary by using this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app, or internet banking access, at the service provider.

Eliminating the middlemen

The person and purpose-specific digital payment solution platform connects the sponsors of the services with the beneficiaries and service providers in a digital manner while ensuring that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, e-RUPI assures timely payment to the service provider without the involvement of any intermediary.

Where can e-RUPI be used?

As a part of the Indian Government’s Digital India venture, the revolutionary initiative will ensure a leak-proof delivery of welfare services. The platform can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programs, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies among others.

Notably, even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programs.

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