PM Modi to launch e-RUPI, new cashless means of payment; know how e-Voucher scheme will help users

PM Narendra Modi will launch e-Rupi, which is an initiative that carries a huge number of benefits for users.

The new e-Rupi scheme will give a boost to digital payments in the country by allowing the public to connect to service providers without a face-to-face meeting. (MINT_PRINT)

In order to give a fillip to digital payments in the country, Prime Minister Narendra Modi is all set to launch e-Rupi, a cashless and contactless e-Voucher for one time transactions, on August 2 in the country. The pre-paid payment vouchers have been created by the National Payments Corporation of India (NPCI) along with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.

The new e-Rupi cashless vouchers will work on the UPI platform and will allow users to access particular services without the need for physical interaction. This means that both a customer and a service provider can deal with the vouchers without any physical interface, the government said on Monday. These vouchers can be assigned to citizens as well, giving them access to government schemes related to medicine and drug distribution, fertiliser subsidies, TB eradication programs. What's more, the government claims that e-Rupi will also ensure a leak-proof delivery of welfare services in the country.

What is the e-RUPI instrument? “The e-RUPI is a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries,” the government's PIB said in a statement on Saturday. “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 service provider.” The digital voucher will be launched by the Prime Minister on Monday, August 2, at 4:30 PM via videoconferencing.

Paid for in advance: With e-RUPI, the service provider and beneficiaries are connected to the sponsors without any physical interface. The voucher system also ensures that a payment is made only once a payment is completed. It is also important to note that, unlike payment processors or intermediaries that are involved in other payment methods, these e-Rupi vouchers are already paid for in advance, which means that the payment is processed a lot faster.