InvestorQ : What is the e-RUPI digital payment solution to be launched by PM Modi on 2nd August 2021?
Shreya Mashelkar made post

What is the e-RUPI digital payment solution to be launched by PM Modi on 2nd August 2021?

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riya Ranade answered.
1 year ago
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e-RUPI is a cashless and contactless instrument for facilitating digital payments. It acts as an e-voucher based on a QR code or SMS-based OTP to be received on the mobile of beneficiaries.

PM Modi will launch the same on August 2, 2021, via video conferencing. The PM said in a statement that the “e-RUPI initiative will be one of the programs launched over the years to limit the touchpoints between government and the beneficiary and to ensure that the benefits reach its intended beneficiaries in a leak-proof and targeted manner.”

e-RUPI will connect the sponsors of the services with the beneficiaries and service providers without any physical interface, in a digital manner. It also protects the beneficiaries by ensuring that payment is made only when the transaction is completed. It also ensures that timely payment to the service provider is made without the involvement of any intermediary. The payment mechanism of e-RUPI will allow users to redeem their vouchers without any card, digital payment app, or internet banking, at the service provider.

The National Payments Corporation of India (NPCI), in collaboration with the Department of Financial Services, Ministry of Health and Welfare, and National Health Authority is responsible for developing the e-RUPI platform.
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