What is e-rupi? On hearing this name, it becomes clear that it is related to money. Because rupi is connected after e. From this, it can be inferred that it is electronic. But you will get detailed information about it in this article, what is done and how it works and how we will get it.

Another way to make digital payments has been knocked down in our country. Its name is eRUPI or eRupee. Which has been launched by Prime Minister Narendra Modi on August 2, 2021. The thing to think about is that debit cards, credit cards, wallets, and UPI already exist. So why did you need an e-RUPI? It is also known as Game Changer.

What is e-RUPI?

This is a way to pay digitally. There is a difference between the methods of digital payment that already exist and because it will be found in the form of a voucher, if said in simple language, we can say that it is a prepaid gift card. Which the receiving person will be able to use according to his convenience. The special thing is that it will not need internet and bank accounts to use it. According to NPCI, e-RUPI is a cashless and contactless platform for digital payment.

How e-Rupi works

It is believed that the government wants to give money to poor people to get the vaccine. The easiest way to do this is to transfer it to everyone's account, the problem is that many people still do not have a bank account. Then it will also not be sure that the money that has been sent. The person has not been taken from him or he has been used for some other purpose. Only in this situation will the e-RUPI come in handy.

It can send e-RUPI as an SMS or QR-Code. It will be unique to those who use and receive it, that is to say, only the person to whom it will be sent will be able to use it. For example, the eRUPI voucher sent to get the vaccine will come on his mobile number. He will be able to use the same voucher to get vaccinated. After using that voucher, the issuing organisation will also be informed that this e-voucher has been used.

Advantages of e-RUPI

• Government employees have been caught several times for bribery. The use of e-rupi can eliminate its risk. As the Prime Minister's Office has said in this statement, the payment system will ensure that the benefits reach the beneficiary without any hassle.
• E-RUPI can be used during the government's special currency system. Private companies can also use it for their employees.
• Under this, the company can send it in the form of a message or QR code to your mobile phone, which will be encrypted. which only the person from whom he has been sent can receive or take advantage of.
• It can be tracked whether the voucher is used or not.

Features of e-rupi

• Services can be connected with beneficiaries and service providers digitally without any physical interface. Under this, it can also be ensured that payment is made to the service provider only after the transaction is completed. Being prepaid, it is possible for the service provider to pay at the right time without the intervention of an intermediary. It doesn't require the internet to use.

Who will issue the voucher

This system will be implemented by the National Payment Corporation of India (NPCI) through its UPI platform, for which a tie-up has been made with banks. If a corporate or government agency has to issue an eRUPI voucher, they will have to tie up with these partner banks. In which both private and government banks have been included. The special thing about this is that the bank that issues the e-RUPI does not necessarily accept it.

Meaning that someone has been issued an e-RUPI voucher by XYZ Bank. So he should also provide him the facility of cash, he can take the facility of another bank. It will be mandatory to give the information of the person to whom the e-RUPI voucher will be sent to the bank along with the mobile number. The bank will contact the Mobile Service Provider and identify the customer and send an e-RUPI voucher to his mobile number.

In which banks e-RUPI will run

Banks on e-RUPI will work in two ways in which one will be the bank that will issue e-RUPI vouchers. Some banks are also involved in this which will do both things. At present, there are 11 banks that provide support to e-RUPI. In which big banks like State Bank of India, ICICI Bank, HDFC Bank, PNB, Axis Bank, and Bank of Baroda issue and accept this voucher and also accept where Canara Bank, Indusind Bank, Indian Bank, Kotak Mahindra and Union Bank of India only issue e-RUPI vouchers.

Following are the names of banks where eRupee or eRupee will run:

Can anyone send an eRUPI voucher?

We do not need to read about the hassle of sending money because when they send money to someone, they investigate. The real problem is sending money from the welfare scheme to big agencies. It becomes difficult to ensure that the beneficiary for which the money has been sent. Whether he reached them or not and reached home, he used it for the same work or was used for other work.

It is believed that this system of e-RUPI will prove to be effective for the government. The government says that private companies can also take advantage of this platform for their employees. Private companies pay their employees through vouchers etc. in many ways.

Also Read: - What is Financial Inclusion?

Difference Between E-Rupi and Digital Currency

By getting a message directly from the e-RUPI system, you may feel that it is a digital currency. But this is not the case because the sender of the voucher will use Indian rupees for this. In such a situation, it cannot be called digital currency because digital currency is issued only by the Reserve Bank of India. It is recognized by the government as physical currency i.e. there is no difference in its value against the rupee.

That is, the value of ₹ 10 note and ₹ 10 digital currency is always equal. The only difference is that it will be received in the form of a digital currency code. The Reserve Bank of India is currently working on bringing central bank digital currency, but it is not yet clear what its form will be and how it will be, the central bank will resort to rupees or gold or it will launch a new platform of its own.

Is it being used for the first time?

The use of this voucher has been going on in many European countries for a long time. In the United States, the government issues digital vouchers to the parents of needy children for education. That is, if the fee is to be deposited, then the government sends its voucher. So that they will only be able to deposit the fee of the school. Apart from the US, such vouchers are issued in countries like Colombia, Chile, Sweden, Hong Kong, etc.

How to Download eRupee App

Just like any other digital payment, you can easily use the India Digital Payment Solution eRupee app. eRUPI should be cashless and contactless. Which makes it different from any other payment solution platform already. Thus, anyone using a mobile phone can freely use the hero key. E-RUPI can fold coupons on the service provider using the digital payment system. The provider will receive the payment after the payment expires.