Tuesday, May 24, 2022

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    All about e-RUPI

    e-RUPI is a digital payment method involving no cash or contact. The money would be delivered in the form of an SMS string or a QR code. The digital currency platform has been developed by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority.

    Compared to the existing digital payment platforms like Paytm, e-RUPI would be more specific to a beneficiary or a purpose. Its working principle will be similar to a prepaid gift voucher redeemable only at the centers for which the voucher is made without the involvement of any credit or debit card, a mobile app, internet banking, or any other physical interface.

    The government claims that e-RUPI will ensure a leak-proof delivery of welfare services. It would particularly be effective for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programs, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc.

    Similar technology is used in other developed countries like in the US, there is an elaborate system of education vouchers or school vouchers, which is a certificate of government funding for students selected for state-funded education.

    With that mentioned, let us prepare ourselves for another development strategy from the Government of India.

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