Today on 2nd august, PM Modi stepped ahead with the e-RUPI. It will be a level up for the digital payment options. Video conferencing will be the medium for the launch event. PM Modi has initiated digital payment options since 2016 and the e-RUPI is another option, including a new digital payment venture.
National Payment Corporation of India, Department of Financial Services, National Health Authority, Ministry of Health & Family Welfare has collaborated to support the digital UPI platform and e-RUPI.
With the help of a few projects, we have tested the approach to if it is beneficial, closed to targets, or fulfilling the purposes to the recipients.
The launch is all about cashless and contact-less digital payment methods. The process is done by one of two modes, QR code scanning or SMS string voucher. The recipients will get this voucher on their phones. To repurchase the voucher the beneficiaries do not need to access online payment apps, credit cards, or internet banking services.
The e-RUPI payment options work as an interface between the sponsors, service providers, and recipients. Once the transaction is done, service providers will receive the payment on their end.
No intermediary is involved in the system, it is prepaid and made the payment without delay. The e-RUPI payment option will be utilized to manage the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana for drugs and diagnostics distribution, drugs, and nutritional support under Mother and Child welfare schemes, TB eradication programs, fertilizer subsidies, etc.
The e-RUPI payment option can also be used to manage employee welfare and corporate social responsibility programs, and others.