E Rupi | UPSC |

E Rupi UPSC | Why In The News ?

The Prime Minister has launched a digital Initiative named “e-RUPI”.

E Rupi | UPSC |
E Rupi | UPSC |

E Rupi UPSC | Voucher Based Digital Payment System Of India

Name Of The Article e-RUPI Digital Payment
Launched By Government Of India
Beneficiary Citizens Of India
Objective To Provide Cashless And Contactless Instrument For Making Digital Payments
Official Website https://www.npci.org.in/
Year  2021

About e-RUPI :

  • e-RUPI is a cashless and contactless instrument for digital payment. It is founded on the Unified Payment Interface(UPI) platform.
  • This platform is a cashless and contactless instrument that will be used for making digital payments.
  • It is a QR code or SMS string-based e-voucher which will be delivered to the mobile of the users.
  • The users will be able to redeem this voucher without any digital payment app, internet banking, or card.
  • This digital payment platform has been developed by the national payments corporation of India on its UPI platform.
  • The collaborating partners are the Department of Financial Services, the Ministry of health and family welfare, and the national health authority.

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Purpose:

  • It is designed to be a person and purpose-specific digital payment solution.
  • It seeks to ensure that government schemes reach intended beneficiaries in a targeted and leak-proof manner, with limited touchpoints between the government and the beneficiary.

Developed by:

  • National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services (DFS)
  • The Union Health Ministry
  • The National Health Authority (NHA)

Objective Of eRUPI Digital Payment

  • The main objective of the e-RUPI digital payment platform is to provide a cashless and contactless payment system so that citizens can make digital payments without any kind of difficulty.
  • With the help of this payment platform, users can make payments in a secure manner.
  • This payment platform uses QR code or SMS string-based e-voucher which will be delivered to the mobile of the beneficiary.
  • e-RUPI digital payment platform ensures the timely payment of the services without the involvement of an intermediary.
  • Users are not required to carry any cards or digital payment app or have internet banking access in order to make payments which will make the payment process simple and secure.

Features Of e-RUPI Digital Payment

  • This platform will be cashless and contactless instrument
  • Through this system users can make digital payments through QR code or SMS string based e-voucher
  • This voucher will deliver to the mobile of the users.
  • Users can redeem this voucher without any payment app, internet banking or card.
  • e-RUPI does not require any kind of service provider to make payment
  • This platform can also be used for providing services under schemes which are meant for providing drugs and nutritional support.

List Of Banks That Are Live With e-RUPI

Name of Banks Issuer Acquirer Acquiring App
Union Bank of India Yes No NA
State bank of India Yes Yes YONO SBI Merchant
Punjab national bank Yes Yes PNB Merchant Pay
Kotak bank Yes No NA
Indian bank Yes No NA
Indusind bank Yes No NA
ICICI bank Yes Yes Bharat Pe and PineLabs
HDFC bank Yes Yes HDFC Business App
Canara bank Yes No NA
Bank of Baroda Yes Yes BHIM Baroda Merchant Pay
Axis bank Yes Yes Bharat Pe

Benefits Of e-RUPI For Different Sectors ;

Benefits for Consumers
  • Payment processes is contactlessOnly have to follow a two-step redemption process need to have any kind of digital payment app or bank account consumer is not required to share his or her personal details In order to maintain privacy
Benefits for Hospitals
  • The voucher is prepaid hence the payment process is completely secure voucher can be redeemed in few steps hospitals are not required to handle cash hence hasslefree and contactless payments can be ensured voucher is authorized through a verification code which makes the payment process easy and secure
Benefits for Corporates
  • The well-being of employees can be enabled by the corporate voucher distribution quick, safe, and contactless issuer can track the voucher redemption leads to cost reduction because the transactions are digital and don’t require any physical issuance

Significance of e-RUPI:

  • e-RUPI is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.
  • It can be used for delivering services under schemes, meant for providing drugs and nutritional support like Ayushman Bharat fertilizer subsidies, etc.
  • Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programs.

Are there global examples of a voucher-based welfare system?

  • In the US, there is the system of education vouchers or school vouchers, which is a certificate of government funding for students selected for state-funded education to create a targeted delivery system.
  • These are essentially subsidies given directly to parents of students for the specific purpose of educating their children.
  • In addition to the US, the school voucher system has been used in several other countries such as Colombia, Chile, Sweden, Hong Kong, etc.

About National Payment Corporation Of India

  • National Payment Corporation of India is an organization that is responsible for operating retail payments and settlement systems in India.
  • This organization has been started by the Reserve Bank of India and the Indian banks’ association.
  • This organization works under the provision of payment and settlement systems act 2017 in order to create robust payment and settlement infrastructure in India.
  • National Payment Corporation of India is a non-profit organization that works under the provision of section 8 of the companies act 2013.
  • NPCI is also responsible for maintaining the infrastructure for the banking system in India for physical and electronic payment and settlement systems through the use of technology.
  • This organization focuses on bringing innovation to the payment system by introducing of technology.

The promoter banks of NPCI are

  • State bank of India
  • Punjab national bank
  • Bank of Baroda
  • Canara Bank
  • Union Bank of India
  • Bank of India
  • ICICI bank
  • HDFC bank
  • Citibank
  • HSBC.

Other Services Provided By NPCI

Unified payment interface (UPI)
  • Through this feature, the multiple bank accounts of a person can merge into a single mobile application.
Rupee and Payment (RuPay)
  • It is a domestic card payment network of India that accept at ATMs, POS devices, and e-commerce websites throughout the country.
  • It is a secure network that protects the users against anti-phishing
Bharat Interface For Money (BHIM)
  • BHIM is an app through which you can make simple, easy, and quick payments and transactions by using your unified payment interface.
  • Instant bank to bank payments can make through BHIM and the user can also collect money using just a mobile number or virtual payment addres
National Automated Clearing House (NACH)
  • Through NACH interbank high-volume electronic transactions which are repetitive and periodic in nature are facilitated.
  • This platform is used by banks, financial institutions, corporate and the government
Immediate Payment Service (IMPS)
  • Through IMPS 24×7 interbank electronic fund transfer ensure through multiple channels like mobile, internet, ATM, SMS, etc.
  • It is a robust and real-time fund transfer system that transfers the fund instantly within banks across the country.
  • IMPS is totally safe and economical.
National Electronic Toll Collection (NETC)
  • In order to meet the electronic tolling requirement of the Indian market, the National Payment Corporation of India has developed a national electronic toll collection.
  • Through this platform nationwide toll payment solution offer which includes clearing house service for settlement and dispute management
BHIM Aadhaar
  • Through BHIM Aadhaar merchants are unable to receive digital payments from the customers.
  • This platform works through Aadhaar authentication.
  • Through this platform, merchants accept payment from customers of banks by authenticating their biometrics
Adhaar Enabled Payment System(AePS)
  • AePS Is the online interoperable financial inclusion transaction that is done at POS through the business correspondent of the bank by using Aadhaar authentication.
  • You can do six types of transactions through this platform.
  • Customers require to input only bank name, Aadhaar number, and fingerprint captured during enrolment in order to make payment
National Financial Switch(NFS)
  • It is a network that has 37 members and connects 50,000 ATMs.
  • This platform establishes strong and sustainable operational models having in-house capabilities.
  • The operational functions and services in national financials switch are at par with other global ATM networks.
Cheque Truncation System(CTS)
  • It is a process of clearing cheques electronically rather than processing the cheque physically.
  • This process takes place by presenting a bank en-route to the paying bank branch.
  • National Payment Corporation of India is responsible for Managing this platform.
  • This system is also going to save a lot of time.

Download e-RUPI Digital Payment Mobile App

  • First of all open Google play store or Apple App Store in your mobile phone
  • Now in the search box you have to enter e-RUPI Digital payment
  • After that you have to click on search
  • A list of apps will display before you
  • You have to click on the first option
  • After that you have to click on install
  • e-RUPI digital payment mobile app will download in your device

Procedure To Redeem e-RUPI Voucher

  • The beneficiary have to show the e-RUPI QR code or SMS at the service provider outlet
  • The salesperson require to scan this QR code or SMS
  • Now an OTP will receive through the beneficiary
  • The beneficiary have to to share this OTP with the service provider
  • Service provider have to enter this OTP into the OTP box
  • Now service provider have to click on proceed
  • Payment will make to the service provider

Contact The Department

  • Visit the official website of national payments Corporation of India
  • The homepage will open before you
  • On the homepage click on get in touch Option
  • Now a new page will appear before you
  • On this new page you have to enter the following details:-
    • Name
    • Email ID
    • Contact
    • Subject
    • Description
    • Captcha code
  • After that click on submit button
  • By following this procedure you can contact the department

View Contact Details Of Offices Of NPCI

  • Go to the official website of national payments Corporation of India
  • The homepage will open before you
  • Now you have to click on get in touch option.
  • A new page will open before you
  • You have to scroll down
  • At the bottom of the page you can view the details of offices of NPCI

Helpline Number

  • Through this article, we have provided you with all the important details regarding e-RUPI digital payment. 
  • If you are still facing any kind of problem then you can contact the department through its helpline number in order to solve your problem.
  • The helpline number is 18001201740.

 

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