All About e-RUPI: Everything You Need to Know About the Digital Payment

Written by Shiksha Press

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All About e-RUPI: Everything You Need to Know About the Digital Payment.

What is e-RUPI?

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National Payments Corporation of India (NPCI) in association with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, has launched an innovative digital solution – ‘e-RUPI’.

e-RUPI is a one-time use digital solution to facilitate cashless payment which is person & purpose specific solutions for various services like COVID Vaccine, donations, corporate gift vouchers, etc. Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties’ bank accounts.

What is e-RUPI?  This is a cashless and contactless mode of payment. QR code or SMS is a string based e-voucher. e-RUPI is sent to the mobile of the beneficiaries. No card, app or e-banking required for voucher redeem. Developed by National Payment Corporation of India. The Department of Financial Services, Ministry of Health collaborated. The goal is to make online payment more easy. The purpose is to make online payment secure. Similarly, it will be a government voucher. Through which digital transactions can be done between the beneficiary and the government or the beneficiary and the service provider institution like hospital etc. With this the big banks of the country will be connected. The government or corporate agency will also be attached to those banks. And in this way the beneficiaries will be able to use the government schemes.

All About e-RUPI: Which Banks Issue, Where To Use and Benefits

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 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.

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Banks live with e-RUPI

Bank Name Issuer Acquirer Acquiring App / Entity
Axis Bank Bharat Pe
Bank of Baroda BHIM Baroda Merchant Pay
Canara Bank NA
HDFC Bank HDFC Business App
ICICI Bank Bharat Pe & PineLabs
Indusind Bank NA
Indian Bank NA
Kotak Bank NA
Punjab National Bank PNB Merchant Pay
State Bank of India YONO SBI Merchant
Union Bank of India NA

What are the 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.

Voucher redemption can be tracked by the issuer.

Quick, safe & contactless voucher distribution.

What are the 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

What are the 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

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”).

What is the maximum amount for voucher creation?

Maximum limit of each e-RUPI shall not exceed INR 10,000 or as defined by 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 cash back on redemption.

How many vouchers can be issued for one user?

Upto 10 e-RUPI vouchers can be issued for one programme on single mobile number / per unique beneficiary; the requirement shall be configurable as per the Scheme requirements.

What are the benefits of e-RUPI? 

e-RUPI Voucher is going to play a big role in making DBT more effective in the country, digital transactions. This will help everyone in Targeted, Transparent and Leakage Free Delivery.

e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code.

First of all, it will be absolutely safe, being cashless, contactless will also reduce processing, the voucher ie the government or agency will be able to find out where the voucher was redeemed, from above, the public should not carry any card to take advantage of the government scheme. Will happen. No digital payment mobile application would be required, no internet would be required.

You would think that what was the need for this right now, then you should know that this is the first step of the government towards bringing digital currency. Transactions can be done without physical interface. Payment will take place only after the transaction is completed. Payment can be made without the intervention of any intermediary. This is an important step in the direction of stopping corruption.

Because by implementing it, the shortcomings of digital payment infrastructure in India will be known. The Reserve Bank of India had also indicated in the past that phased plans are being made to introduce digital currency.

By the way, let us tell you that in many countries like America to Colombia, Chile, Sweden, Hong Kong, digital vouchers are used to bring the benefits of government schemes directly to the beneficiary.

Banks will work in two ways on e-RUPI. A bank that will issue e-RUPI vouchers. Others who will accept them. There are some banks which do both the work. At present, there are 11 banks that will support e-RUPI. The good thing is that big banks like State Bank of India, ICICI Bank, HDFC Bank, PNB Axis Bank and Bank of Baroda also issue and accept this voucher. Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra and Union Bank of India only issue and do not accept e-RUPI vouchers.

E Rupi Work – No app, No internet, Payment will be done

Payment by SMS, no tension to the public

This will be delivered to the beneficiary through SMS or QR code in the mobile phone. Meaning, now if the government wants to put any amount in your account, then it will not be in the form of Rs. It will be in the form of a voucher. You will be able to use that voucher to take advantage of government schemes.

For example, suppose you get gift vouchers now. You can purchase the specified amount for free or avail the specified service, but you will not be able to use the amount given in the voucher in any other way.

Who has developed the e-RUPI ?

The National Payments Corporation of India (NPCI), which oversees the digital payments ecosystem in India, has launched e-RUPI, a voucher-based payments system to promote cashless transactions.

How to Download e-RUPI Mobile App ?

To make the digital platform easier, the e-RUPI Mobile APP has also been launched which you will be able to download with the help of simple steps given below:

Step I: The e-Rupee mobile application can be downloaded to any Android phone or Apple phone with the help of the Google Play Store.

Step II: You have to search e-RUPI digital payment by going to Google Play Store.

Step III: As soon as you search, you will see the e-RUPI digital Payment app at the top.

Step IV: You have to click the e-RUPI digital payment app. After clicking, you will see the Install Icon. As soon as you click on that install icon, the e-RUPI digital payment mobile app will be downloaded in your mobile phone.

Read More – 10 Things About e-Rupi – Know Everything About eRupi

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