Digital Rupee is India’s first official digital currency issued by the Reserve Bank of India. Digital Rupee is represented as e₹-R. You can buy or sell the Digital Rupee.
E RUPI – Prime Minister Narendra Modi launches e-RUPI, a cashless and contactless person and purpose-specific digital payment solution. Prime Minister said that: e-RUPi voucher would play a massive role in making DBT more effective in digital transactions. In addition, PM said it would help everyone in targeted, transparent, and leakage-free delivery.
What exactly is e-RUPI?
It is a QR code or SMS string-based e-voucher sent to the beneficiaries’ mobile phones. Users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without using a card, digital payments app, or internet banking access.
The National Payments Corporation of India created it in partnership with the Ministry of Finance, Health, and the National Health Authority.
How can e-RUPI coupons be used?
- e-RUPI vouchers are similar to e-gift cards in that they are prepaid.
- e-Rupi code sent through SMS or the QR code.
- Person and purpose-specific e-Rupi e-vouchers will be available.
- Banks are not required to use these vouchers.
- e-RUPI can be used using a digital payment app or a smartphone.
What are the applications for e-RUPI vouchers?
- e-RUPI will primarily be used for medical expenses.
- e-RUPI can be given to employees by companies.
e-RUPI Enabled Banks
The following is a list of e-RUPI-enabled banks.
- Punjab National Bank
- Bank of Baroda
InfrasoftTech helps banks implement the e-RUPI technology stack by assisting them with system integration to beneficiary rollout.
According to the NPCI, it collaborates with two of the 11 active banks. In addition, more customer banks with e-RUPI capabilities will be added shortly.