What is e-RUPI, how does it work?. Is e-RUPI a Cryptocurrency?. Who can use e-RUPI?
Technology 06, Aug, 2021
What is e-RUPI in india, how does e rupi work?This is a new way of making digital payments. It was launched by the government on August 2, it will be supported by NPCL company. It differs from existing digital payment methods in that they will be available in the form of vouchers. Simply put, it is a prepaid gift card. Which the recipient can use as per his convenience. The special thing is that internet and bank account will not be required for this. Understand it with example. Suppose the government wants to give money to poor people for treatment. One way to do this is to transfer cash to everyone's account. Now the problem is that many people do not even have a bank account. Then it can't even be sure whether the money sent will get him treated or something. In such a situation, this e-RUPI will come in handy.
In this, e-RUPI can be sent as SMS or QR code. These will be unique according to the user and receiver. Meaning the person to whom it is sent will be able to use it only for the specified purpose. For example, an e-RUPI voucher sent for treatment, on whose mobile number it has arrived, can be used for his treatment. After the use of this voucher, the issuing organization will also be informed that the voucher has been used.
Who will issue the e-rupi voucher?The National Payment Corporation of India (NPCI) will run this system through its UPI platform. For this, tie-ups have been made with banks. If any corporate or government agency wants to issue e-RUPI vouchers then they have to approach these partner banks. This includes both private and government banks. It is to be noted that the banks which will issue e-RUPI may not necessarily accept it. Means if someone has got e-RUPI voucher issued from ABC Bank, then it is not necessary that that bank should also give him cashing facility. The person to whom the e-RUPI voucher is to be sent has to be given to the bank along with the mobile number. The bank will contact the mobile service provider and mark the customer and send the e-RUPI voucher to his mobile number.
Which banks will run e rupi? Which banks will run e-RUPI?Banks will work in two ways on e-RUPI. A bank that will issue e-RUPI vouchers. others who will accept them. There are some banks that do both. At present there are 11 banks which will support e-RUPI. The good thing is that big banks like State Bank of India, ICICI Bank, HDFC Bank, PNB Axis Bank and Bank of Baroda also issue and accept this voucher. Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra and Union Bank of India only issue and do not accept e-RUPI vouchers.
Who can send e-RUPI. Can anyone send e-rupi?Common people need not get into the hassle of sending e-RUPI as they check it when they send money to anyone. The real problem is in sending the money of the welfare scheme to the agencies. In this it is difficult to ensure whether the beneficiary to whom the money has been sent has reached him or not. And even if it arrived, it was used for the same purpose or not.
What are the benefits of e-RUPIThis system of e-RUPI can prove to be very effective for the government. It will become very easy to send money in schemes like medicine, maternal and child welfare scheme, TB treatment programme, Ayushman Bharat scheme. The government also says that private companies can also take advantage of this platform for their employees. Private companies pay their employees in many items through vouchers etc. For example, Sodesco food vouchers. These are used by employees to pay for food and drink wherever they go.
What is the difference between e-RUPI and digital currency? | What is new digital currency? | Is e-RUPI a Cryptocurrency?With the e-RUPI system coming in through direct messaging, it may appear that it is a digital currency, but it is not. Since the sender of the voucher would be using Indian Rupee for this, it cannot be called a digital currency. Digital currency is issued only by the Central Bank. It is recognized by the government. There is no difference in its value against the physical currency i.e. Rupee. That is, the value of 10 rupee note and 10 rupee digital currency will be equal. The only difference would be that the digital currency would be in the form of a code. Reserve Bank of India is working on bringing digital currency of Central Bank. However, it is not yet clear what its form will be. Will the central bank resort to rupee or gold etc. etc. to issue it? Is this happening for the first time in the world?, Is India the first country in the world to launch e rupi
Vouchers like e-RUPI are already being used in many countries. In the US, the government issues digital vouchers for education to the parents of needy children. Meaning if the fee is to be deposited, then the government sends its voucher. A separate voucher is sent for purchase of copy-books and stationery etc. Vouchers are provided as per requirement. Apart from America, such school vouchers are also issued in countries like Colombia, Chile, Sweden, Hong Kong etc.