e-Rupi: India has also launched e-Rupi at a time when there is much debate over digital currency worldwide. That being said, there are many benefits to e-Rupi. Here’s the full info on this.
India has also launched e-Rupi at a time when there is much debate over digital currency worldwide. One of the main objectives of e-Rupi is to promote digital payments in the country.
E-Rupi is not a cryptocurrency. It is an e-voucher based digital payment platform. It is a prepaid e-voucher developed by the National Payments Corporation of India (NPCI).
E-Rupee or e-RUPI is a cashless and internet-connected device. This is a QR code or SMS string based e-voucher that is sent to the beneficiary’s mobile. It makes timely payment to service providers without the involvement of any intermediary.
Currency has physical money. In addition, online payments and digital transfers are increasing. In this case the question of what is required of e-Rupi is posed. That being said, there are many benefits to E-Rupee. It is said that this will avoid the wastage of money in delivering government projects and facilities.
10 Advantages of ‘e-Rupi’
- E-Rupi is a cashless and contactless digital payment. It does not need the internet. Also beneficial for rural areas.
- Digital connects sponsors and beneficiaries of the services.
- Ensures that the money from many government projects is delivered to beneficiaries.
- This is a QR code or SMS string based e-voucher that is delivered to the beneficiary’s mobile.
- This is non-stop payment. This means that users can redeem an e-Rupi voucher without using a card, digital payment app or Internet banking.
- It connects sponsors of e-rupee services with beneficiaries and service providers digitally without any physical interface.
- This ensures that the payment is made to the service provider only after the transaction is completed.
- Being pre-paid by nature, it offers a timely payment service without the involvement of any intermediary.
- In addition to regular payments, e-Rupi can be used under projects such as Ayushman Bharat, Prime Minister’s Jan Health Scheme, Fertilizer Subsidy, Maternity and Child Welfare Schemes, TB Eradication Programs and Medicines.
- These digital vouchers can be used by the private sector for their employees’ welfare and corporate social responsibility programs.
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