e-RUPI is a contactless and cashless digital payments medium launched by Prime Minister Narendra Modi. E rupi will be delivered to mobile phones of beneficiaries in the form of an SMS string or a QR code. It is mainly like a Prepaid gift voucher which can be redeemed at any point in time according to the user’s choice. It joins the sponsors of e-rupi to the recipient and service provider without a physical interface.
NEED
E Rupi secures an easy and contactless two-step redemption process that doesn’t require sharing of personal details. It can also be used in a place where an internet connection is not available. These E-Rupi Vouchers are quite exactly like e gift cards, which are prepaid in nature. One can also take advantage of it even if they don’t have a bank account/digital payment app/smartphone.
ADVANTAGES
The redemption process of e Rupi is very easy. It can be done without a card or digital payment apps.
Numerous government benefits schemes and subsidies can be received on this platform.
E Rupi system is exclusive it will work between the specific beneficiary and the benefactor once the QR code matches.
One of the biggest advantages of the e-Rupi system is there is no need to go through registration or KYC process to use it.
Transactions that are completed through e Rupi are faster and reliable as the amount is already placed in the voucher.
CONCLUSION
As we already know this initiative is taken by and has promised to ensure a leak-proof delivery of all the services that are included in it. Many banks are associated with e rupi such as the bank of Baroda, SBI, Axis bank, etc. The transactions can be easily traced which leads to less fraud.
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