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What is E-Rupi: Definition, Uses, Importance and Benefits, Modi Govt Launch PM E-Rupi 2021

E-Rupi Digital
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E-Rupi is a cashless and contactless digital payment system launched by modi govt, which will be delivered to beneficiaries mobile phones by QR code or SMS-string.

Taking the first step towards having digital currency in the country, Prime Minister Narendra Modi will launch the electronic voucher based digital payment system “e-Rupee” on Monday at around 4.30 pm. This e-rupee has been developed by the National Payment Corporation of India or, the Department of Finance and Real Services, and the Ministry of Health and Family Welfare and the National Health Authority. It is a person-specific and purpose-specific payment system.

E rupi

E Rupi

E-Rupi is a cashless and contactless digital payment medium, which will be delivered to the mobile phones of the beneficiaries in the form of SMS-string or QR code. It will essentially be like a prepaid gift-voucher that can be redeemed at specific acceptance centers without any credit or debit card, mobile app or internet banking. Connect the sponsors of e-Rupee with the beneficiary and service providers in a digital manner without any physical interface.

How these vouchers will be issued:

The system is built by NPCI on its UPI platform, and involves banks which will be the issuing entities. Any corporate or government agency will have to approach partner banks, which are both private and public sector lenders, with details of specific persons and the purpose for which the payment is to be made. Beneficiaries will be identified using their mobile number and vouchers allotted to the service provider in the name of a given individual by a bank will be given to that individual only.

What are the uses of E-Rupi:

According to the government, e-Rupee is expected to ensure leak-proof delivery of welfare services. It can also be used to provide services under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, Fertilizer Subsidy etc. Mother and Child Welfare Schemes, TB Eradication Programmes, Medicines and Diagnostics under Schemes for providing medicines and nutritional support. Is. The government also said that the private sector can also avail these digital vouchers as part of its employee welfare and corporate social responsibility programmes.

E-Rupi Digital

E-Rupi Digital

Importance of e-rupee and how it differs from digital currency:

The government is already working on developing a central bank digital currency and the launch of e-rupee could potentially highlight gaps in the digital payment infrastructure that will be essential to the success of future digital currency. In fact, e-rupee is still backed by the current Indian rupee as the uniqueness of the underlying asset and its purpose make it different from a virtual currency and place it closer to a voucher-based payment system. Also, the ubiquity of e-rupee in future will depend on the end use cases.

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What are the plans for the central bank digital currency:

The Reserve Bank of India recently said that the central bank is working towards a phased implementation strategy for digital currencies or CBDCs – central bank-issued digital currencies that are typically digitalized against the country’s existing fiat currency such as the rupee. takes form.

Speaking in a webinar on July 23, RBI Deputy Governor T Rabi Shankar said that CBDCs are not only desirable for the benefits they have in payment systems, but may also be necessary to protect the general public in an environment of volatile private virtual currencies. Huh. While in the past, RBI Governor Shakti-kanta Das had expressed concern over cryptocurrencies, it seems that the mood on Mint Street is now turning in favor of CBDCs. Although CBDCs are conceptually similar to currency notes, the introduction of CBDCs will involve changes in the enabling legal framework as existing provisions are primarily synced to currency in paper form.

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FAQ About E-Rupi

When, who and why started e-rupee?

Prime Minister Narendra Modi on August 2 launched e-Rupee as a new tool for cashless and contactless payments.

Who has developed e-rupee?

National Payments Corporation of India (NPCI) has launched this voucher-based payment system to promote cashless transactions. It has been developed in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.

How is e-rupee beneficial for the consumer?

For this, it is not necessary for the beneficiary to have a bank account, which is a special feature compared to other digital payment mediums. It ensures a 2 phase process to get an easy, contactless payment that does not even require sharing of personal details. Another advantage is that e-Rupee operates on basic phones as well, so it can be used by people who do not have a smartphone or in places where the internet connection is weak.

Which banks issue this e-Rupee?

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. The apps availing it are Bharat Pay, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YONO SBI Merchant Pay. More banks and apps that accept e-Rupee are expected to join it soon.

What are the benefits of e-rupee to sponsors?

It is expected that e-Rupee will be able to play a major role in strengthening Direct Benefit Transfer and making it more transparent. Since, there is no need to issue the voucher physically, this will also lead to some cost savings. Apart from this, being an e-Rupee prepaid voucher, the service provider will be assured of real time payment.

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