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‘World applauding India’s fintech sector’: PM Modi at launch of ‘e-RUPI’

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One person, one payment, one electronic voucher: The promise of the E-RUPI launched by Prime Minister Narendra Modi on Monday is to simplify and secure the process of Direct Beneficiary Transfer (DBT).

“E-RUPI vouchers are purpose-specific. It will ensure that the benefits of the voucher are availed for the service it is meant for,” PM Modi said at the virtual launch on Monday.

E-RUPI will function via an SMS string or QR code which can be sent to the beneficiary’s phone and which will be redeemable at designated centres. There will be no need for any physical interface lke a debit or credit card, mobile banking application, or anything else.

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 merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.

“This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential,” the National Payments Corporation of India says on its website. “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,” it said.

ALSO READ: What is e-Rupi? 

“e-RUPI voucher will play a role in boosting digital transactions and DBT in the country. This will help everyone in targeted, transparent and leakage free delivery,” PM Modi said.

“Not only government but if a non-government organisation wants to support anyone in their education or medical treatment, then they can use e-RUPI instead of giving cash. This will assure that the amount donated is being used only for the said work,” the prime minister added.

To begin with the e-Rupi facility is available for health services and will be expanded to other segments.

“Today the country is giving a new dimension to digital governance. e-RUPIvoucher is going to play a huge role in making digital transactions, and DBT more effective. This will help everyone in targeted, transparent and leakage-free delivery,” the Prime Minister said.

“India is showing the world it is not behind in adopting new technology,” he said.

With growing interest in cryptocurrencies from governments across the world, Rajeev Mantri of Navam Capital tweeted asking if e-RUPI could be considered a “non-fungible (rupee) token that can be issued / distributed by Government of India as well as private entities?”

Courtesy – www.theweek.in

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