Goseeko blog

What is e-RUPI?

by Uddipana Gogoi

e-RUPI is a digital payment system of India. Prime Minister of India Sri Narandra Modi has launched the e-rupi digital payment system in July, 2021. Additionally, the Department of Financial Services (DFS) and National Health Authority (NHA) and in power with National Payment Corporation of India (NPCI) jointly developed the digital payment i.e, e-RUPI. It is a digital payment system which enables users to access the service with the help of SMS or QR bar. Accordingly, its beneficiaries need not to have any smart phone or internet access, digital payment app, internet access, net banking etc. e-RUPI supports covid 19 vaccination drive of India as beneficiaries are able to access the vaccines through this digital payment system. Soon after processing a payment, the provider will get the payment.

However, the commercial banks implementing e-RUPI digital payment system in India are-

  • State Bank of India
  • HDFC Bank
  • Axis Bank
  • Punjab National Bank
  • Bank of Baroda
  • Canara Bank
  • IndusInd Bank
  • ICICI Bank

Benefits of e-RUPI

Benefits to corporates

  • Firstly, it enables corporations to distribute prepaid vouchers to their employees.
  • Also, it reduces cost for the corporations as it does not require any physical issuance of vouchers.
  • Additionally, it is an end to end transaction and thus the redemption of vouchers can be traced easily.
  • Finally, it is a quick, safe and contactless payment system.

Benefits to hospitals

  • Firstly, it is an easy and  secure payment method for hospitals because they are able to identify  real beneficiaries through the verification code.
  • Also it is a hassle free and contactless payment system for hospitals.
Benefits to beneficiaries
  • It promotes a contactless payment system among beneficiaries.
  • It is an easy, safe and secured digital payment system for beneficiaries who have no access to banks, internet banking, digital payment apps etc. 

You may also like