e-RUPI is an innovative digital solution that has been launched in India by the National Payments Corporation of India (NPCI) in association with the Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks.
After becoming Modi a prime minister, everything is going to be digital in India. And one more thing on 02 Aug 2021, Modi announced in a video conference a new digital solution that is e-RUPI. So we are going to know all about e-Rupi in India that What is it and how it will change the digital life of India.
Contents of this post
What is e-RUPI?
It is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries. The users of 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. It has been developed by the National Payments Corporation of India in collaboration with the department of financial services, health ministry, and the National Health Authority.
What is meaning of e-RUPI?
- e-RUPI means a Rupees in digital form on digital plateforms.
- It has been developed by the National Payments Corporation of India in collaboration with the department of financial services, health ministry and the National Health Authority.
- It will be a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries.
- The users of 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.
Is e-RUPI safe and secure to use?
- This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential.
- The entire transaction process through this voucher is relatively faster.
- And at the same time reliable, as the required amount is already stored in the voucher.
How to use e-RUPI vouchers digitally?
- These vouchers are like e-gift cards, which are prepaid in nature.
- The code of the cards can be shared either via SMS or the OR code can be shared.
- These e-vouchers will be person and purpose-specific.
- Even if one does not have a bank account or a digital payment app or a smartphone can benefit from these vouchers.
Who can use e-Rupi in India?
Every Individual or corporate will be able to use e-Rupi in India in the role of consumers, banks, hospitals, and other corporates.
What is the importance of e-Rupi?
These are the importance of e-Rupi in use-
- Contactless – Beneficiary should not carry a print out of the voucher
- Easy redemption – 2 step redemption process
- Safe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintain
- No digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account.
- Corporates can enable well-being of their employees
- End to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
- The issuer can track voucher redemtion
- Quick, safe & contactless voucher distribution.
- Easy & Secure – Voucher is authorized via a verification code
- Hassle free & Contactless payment collection – Handling of cash or cards is not required
- Quick redemption process – The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
Which bank or hospital is live with e-Rupi in India?
Here is the list of banks and hospitals which are live with e-Rupi in India-
e-RUPI Live Banks
| Sr. No. | Bank Name | Issuer | Acquirer | Acquiring App / Entity |
|---|---|---|---|---|
| 1 | Axis Bank | ✔ | ✔ | Bharat Pe |
| 2 | Bank of Baroda | ✔ | ✔ | BHIM Baroda Merchant Pay |
| 3 | Bank of India | ✔ | NA | |
| 4 | Bank of Maharashtra | ✔ | NA | |
| 5 | Canara Bank | ✔ | NA | |
| 6 | Central Bank of India | ✔ | NA | |
| 7 | HDFC Bank | ✔ | ✔ | HDFC Business App & Ezetap |
| 8 | ICICI Bank | ✔ | ✔ | Bharat Pe and Pine Labs |
| 9 | Indusind Bank | ✔ | NA | |
| 10 | Indian Bank | ✔ | NA | |
| 11 | Indian Overseas Bank | ✔ | NA | |
| 12 | Kotak Bank | ✔ | NA | |
| 13 | Punjab National Bank | ✔ | ✔ | PNB Merchant Pay |
| 14 | State Bank of India | ✔ | ✔ | YONO SBI Merchant |
| 15 | UCO Bank | ✔ | NA | |
| 16 | Union Bank of India | ✔ | NA | |
| Total | 16 | 6 | 7 |
e-RUPI Live Hospitals
There are many hospitals are in the list of e-Rupi live hospitals which are available in pdf format as per ncpi.org.in. So check out this link to find out banks – e-Rupi live hospitals
Is e-RUPI a Cryptocurrency of India?
It is not Cryptocurrency but it can be a step towards cryptocurrency, It is definitely a move in the right direction towards digitalization. It shows that the government is ready to adopt electronic payments in the form of vouchers, sparking positive among crypto enthusiasts.
Should you use e Rupi?
Yes, on the basis of requirements, a person can use e-Rupi in their benefits in India in banks and hospitals.
What are the benefits for using e-Rupi in India?
e-RUPI will have different benefits to different users such as Consumers, Corporates, Hospitals, and banks. the benefits to different entities are
Benefits to the Consumer
- Contactless – Beneficiary should not carry a print out of the voucher
- Easy redemption – 2 step redemption process
- Safe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
- No digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account.
Benefits for Corporates
- Corporates can enable well-being of their employees
- End to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
- The issuer can track voucher redemtion
- Quick, safe & contactless voucher distribution.
Benefits for Hospitals
- Easy & Secure – Voucher is authorized via a verification code
- Hassle free & Contactless payment collection – Handling of cash or cards is not required
- Quick redemption process – The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
On which plateform e Rupi is launched?
An innovative digital solution – ‘e-RUPI’ is launched by the National Payments Corporation of India (NPCI) in association with the Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW).
Where will e RUPI vouchers be used?
These vouchers will be used mostly for health-related payments. Corporates can issue these vouchers for their employees
What is the maximum amount of voucher creation for e Rupi?
The maximum limit of each e-RUPI shall not exceed INR 10,000 or as defined by the regulator.
Can e-RUPI be redeemed for cash/cash back?
e-RUPI shall be permitted to be redeemed only for the purchase of goods and services from designated merchant bearing valid Merchant Category Code (MCC), as may be defined by the Issuer at the time of issuance of e-RUPI. e-RUPI shall not be permitted for cash out or cashback on redemption.
How many vouchers can be issued for 1 user in e Rupi?
Up to 10 e-RUPI vouchers can be issued for one program on a single mobile number / per unique beneficiary; the requirement shall be configurable as per the Scheme requirements
Who can issue e-RUPI?
e-RUPI can be issued only by banks authorized by RBI to issue Prepaid Payment Instruments (PPI) and who are participating as Payment Service Providers (PSP) in the UPI ecosystem (referred hereunder as the “Issuer”).
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