E-RUPI
What is E-Rupi ? Benefits of E-Rupi ?
E-RUPI - A cashless payment System
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E RUPI
WHAT IS E RUPI ? WHO ARE THE LIVE MEMBERS OF E-RUPI ? WHAT ARE THE BENEFITS OF E -RUPI SYSTEM ?
Read the Article below
Read the Article below
RBI TO EXPAND THE SCOPE OF E-RUPI
Dated 08.06.2023 : The e-RUPI, a digital voucher launched in August 2021, rides on the Unified Payments Interface (UPI) system of National Payments Corporation of India (NPCI). At present, purpose-specific vouchers are issued by banks on behalf of Central and State Governments and to a limited extent on behalf of corporates.
Keeping in view the benefits for users and beneficiaries alike, it is proposed to expand the scope and reach of e-RUPI vouchers by (a) permitting non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers and (b) enabling issuance of e-RUPI vouchers on behalf of individuals. Other aspects like reloading of vouchers, authentication process, issuance limits, etc., will also be modified to facilitate use of e-RUPI vouchers. Separate instructions will be issued shortly.
To read RBI announcement , CLICK HERE
Dated 08.06.2023 : The e-RUPI, a digital voucher launched in August 2021, rides on the Unified Payments Interface (UPI) system of National Payments Corporation of India (NPCI). At present, purpose-specific vouchers are issued by banks on behalf of Central and State Governments and to a limited extent on behalf of corporates.
Keeping in view the benefits for users and beneficiaries alike, it is proposed to expand the scope and reach of e-RUPI vouchers by (a) permitting non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers and (b) enabling issuance of e-RUPI vouchers on behalf of individuals. Other aspects like reloading of vouchers, authentication process, issuance limits, etc., will also be modified to facilitate use of e-RUPI vouchers. Separate instructions will be issued shortly.
To read RBI announcement , CLICK HERE
RBI ENHANCES CAP ON E-RUPI
Dated 10.02.2022 : The e-RUPI prepaid digital voucher, developed by the National Payments Corporation of India (NPCI) and launched in August 2021, is a person-specific and purpose specific cashless voucher and can be used by individuals, corporates or governments. e-RUPI runs on the UPI platform and has a cap of ₹10,000/- per voucher and each voucher can be used / redeemed only once. e-RUPI vouchers are presently being used largely for COVID-19 vaccination purposes. There are other use cases being actively considered by various State Government and Central Government Ministries / Departments.
To facilitate digital delivery of various government schemes to the beneficiaries, Reserve Bank of India ( RBI ) has proposed to increase the cap on amount for e-RUPI vouchers issued by Governments to ₹1,00,000/- per voucher and allow use of the e-RUPI voucher multiple times (until the amount of the voucher is completely redeemed). Necessary instructions to NPCI will be issued by RBI shortly .
To read RBI announcement , CLICK HERE
Dated 10.02.2022 : The e-RUPI prepaid digital voucher, developed by the National Payments Corporation of India (NPCI) and launched in August 2021, is a person-specific and purpose specific cashless voucher and can be used by individuals, corporates or governments. e-RUPI runs on the UPI platform and has a cap of ₹10,000/- per voucher and each voucher can be used / redeemed only once. e-RUPI vouchers are presently being used largely for COVID-19 vaccination purposes. There are other use cases being actively considered by various State Government and Central Government Ministries / Departments.
To facilitate digital delivery of various government schemes to the beneficiaries, Reserve Bank of India ( RBI ) has proposed to increase the cap on amount for e-RUPI vouchers issued by Governments to ₹1,00,000/- per voucher and allow use of the e-RUPI voucher multiple times (until the amount of the voucher is completely redeemed). Necessary instructions to NPCI will be issued by RBI shortly .
To read RBI announcement , CLICK HERE
e-RUPI , A cashless Contactless instrument
e-RUPI , QR Code and SMS string based Payment Solution :
02.08.2021 : Prime Minister Shri Narendra Modi will launch e-RUPI, a person and purpose specific digital payment solution on 2nd August 2021 at 4:30 pm via video conferencing . It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
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 merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code. No digital or bank presence required - Consumer redeeming the voucher need not have a digital payment app or a bank account
This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential. The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher.
It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies etc. Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.
Source : PIB of India
WHAT IS E- RUPI ?
National Payments Corporation of India (NPCI) in association with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, has launched an innovative digital solution – ‘e-RUPI’.
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 merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.
WHAT IS e-RUPI ? : 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 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.
e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without involvement of any intermediary
This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential. The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher.
Don't confuse E-rupi with the Digital rupee as both are different concepts . While E-Rupi is a voucher , Digital Rupee is another form of Indian Currency . To know what is Digital Rupee , CLICK HERE
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 merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.
WHAT IS e-RUPI ? : 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 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.
e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without involvement of any intermediary
This contactless e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential. The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher.
Don't confuse E-rupi with the Digital rupee as both are different concepts . While E-Rupi is a voucher , Digital Rupee is another form of Indian Currency . To know what is Digital Rupee , CLICK HERE
Benefits of E-Rupi
For corporates :
1. End to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
2. Voucher redemption can be tracked by the issuer .
3. safe & contactless voucher distribution
For Merchants :
1. Secure - Voucher is authorized via a verification code
2. Hassle free & Contactless payment collection - Handling of cash or cards is not required
3. The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
For Consumers :
1. Contactless - Beneficiary should not carry a print out of the voucher
2. Easy redemption - 2 step redemption process
3. Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
4. Consumer redeeming the voucher need not have a digital payment app or a bank account
1. End to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
2. Voucher redemption can be tracked by the issuer .
3. safe & contactless voucher distribution
For Merchants :
1. Secure - Voucher is authorized via a verification code
2. Hassle free & Contactless payment collection - Handling of cash or cards is not required
3. The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
For Consumers :
1. Contactless - Beneficiary should not carry a print out of the voucher
2. Easy redemption - 2 step redemption process
3. Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
4. Consumer redeeming the voucher need not have a digital payment app or a bank account
E-RUPI LIVE PARTNERS
Banks live with e-UPI :
1. Axis Bank on Bharat Pe
2 Bank of Baroda on BHIM Baroda Merchant Pay
3. Bank of India
4. Bank of Maharashtra
5 . Canara Bank on canra bank e-rupi acuirer
6. Central Bank of India
7. HDFC BanK on HDFC Business App & Ezetap
8. ICICI Bank on Bharat Pe & PineLabs
9. Indusind Bank
10. Indian Bank
11. Indian overseas Bank
12. Kotak Bank
13. Punjab National Ban on PNB Merchant Pay
14. State Bank of India on YONO SBI Merchant
15. Uco Bank on Bhim Yco UPI
16. Union Bank of India
For the latest list of Live partners & Live hospitals , CLICK HERE
1. Axis Bank on Bharat Pe
2 Bank of Baroda on BHIM Baroda Merchant Pay
3. Bank of India
4. Bank of Maharashtra
5 . Canara Bank on canra bank e-rupi acuirer
6. Central Bank of India
7. HDFC BanK on HDFC Business App & Ezetap
8. ICICI Bank on Bharat Pe & PineLabs
9. Indusind Bank
10. Indian Bank
11. Indian overseas Bank
12. Kotak Bank
13. Punjab National Ban on PNB Merchant Pay
14. State Bank of India on YONO SBI Merchant
15. Uco Bank on Bhim Yco UPI
16. Union Bank of India
For the latest list of Live partners & Live hospitals , CLICK HERE
The e-RUPI prepaid digital voucher, developed by the National Payments Corporation of India (NPCI) and launched in August 2021, is a person-specific and purpose specific cashless voucher and can be used by individuals, corporates or governments. e-RUPI runs on the UPI platform and has a cap of ₹10,000/- per voucher and each voucher can be used / redeemed only once. e-RUPI vouchers are presently being used largely for COVID-19 vaccination purposes. There are other use cases being actively considered by various State Government and Central Government Ministries / Departments.
NATIONAL PAYMENT CORPORATION OF INDIA (NPCI )
WHO IS NPCI ?
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
Considering the utility nature of the objects of NPCI, it has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
For further details , CLICK HERE
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
Considering the utility nature of the objects of NPCI, it has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
For further details , CLICK HERE
Flipkart Group , a leading e-commerce company has launched a wallet application called PHONEPE , run on UPI . As it is built on UPI, transaction up to Rs 1.00 lakh is allowed on the platform .Application , permitted by RBI , allows to be connected to UPI applications of more than 30 banks . The application can be used to transfer from one wallet to another wallet or to make payment to various merchant sites and utility sites . Wallet balance can be returned to account of the holder only free of charge . To visit their site , CLICK HERE
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