Prime Minister Narendra Modi launched e Rupi Digital Payment Platform online on 2nd August 2021. It is an online and India’s official virtual currency similar to Cryptocurrency. I am very excited to see this unbelievable news and going to review it on our blog.
Table of Contents
- What Is e Rupi Digital Payment Platform
- Objective of e Rupi Digital Payment Platform
- Benefits of e Rupi Digital Payment Platform
- Banks Connected With e Rupi Digital Payment Platform
- e-rupay digital payment app download
What Is e Rupi Digital Payment Platform
E RUPI Digital Payment Platform is a blockchain technology-based payment system. In this system merchants and customers can do transactions cashless and contactless without internet banking and credit or debit cards. Herewith this service payment can be done with a Voucher system, QR code scan, and SMS string method.
This payment system is CBDC (Central Bank Digital Currency) approved system. CBDC can be used anywhere in the world without any middleman. Just understand it with the below example of the US dollar.
Till now if you will send some money to Europe then you have to send the US dollar theirs. Because the US dollar is considered a global remittance system. But now CBDC is an alternative currency for cross-border payment. You don’t need to buy US Dollars with your INR and then send it to Europe.
Now with the E RUPI payment system, anyone can send payment to Europe directly with e-RUPI payment without any middlemen requirement. This is a cost-effective and very fast process of payment.
e-RUPI Full Form
The full form of e-RUPI is Electronic Rupee Unified Payment Interface. It is a contactless and voucher-based payment system. That required no net banking and other similar option to pay the price of goods and services.
Supporter of e-RUPI:
DFS: Department of Financial Service.
NHA: National Health Authority
e-RUPI is launched By Which Company:
e-RUPI is launched by the NCPI company in association with the Finance Service, the ministry of health and family welfare, and the National Health Authority. The full form of NCPI is the National Payment Corporation of India.
e-RUPI voucher can be used by the customer without internet, credit card, debit card, Internet banking in front of the merchant who is accepting e-RUPI digital payment. e-RUPI vouchers can be sent through a QR Code or Simply mobile text message.
Objective of e Rupi Digital Payment Platform
The main objective of this payment platform is to provide contactless and cashless transaction services to Indian users. Here payment can be done with the help of QR code scan, SMS string, and Data Voucher methods.
This e-Rupi digital payment is the strongest alternative to physical cards like Master Card, Visa card, credit card, etc. It will also replace the internet banking facility in the upcoming future.
Below is the list of basics objectives of launching this digital payment platform:
- Providing Secure banking to customers and businessowners.
- Fast payment service with digital wallet and e-payment.
- Eleminating the middleman between transaction.
- To reduce the circulation of black money because nobody can create these currency coins and manipulate the circulation supply.
Benefits of e Rupi Digital Payment Platform
e Rupi digital currency is based on blockchain technology. Blockchain technology is considered one of the most secure and reliable technologies in the world. We will get unlimited benefits from using the e-Rupi digital app.
A list of these benefits is given below:
- No need for any third party for payment verification because it is working on blockchain technology.
- No need to carry cash in hand. It will save merchants and users from robbery, and other similar threts.
- Here is No need to worry of pocket thieves and money loss because nobody can touch this with hand.
- It will control circulation of black money. Nobody can store assets secretly and escape from the government TAX.
- It will provide low cost cross boarder transaction without the interferance of any banks.
Benefits For End-USER
- Easy redemption – It is a 2-step redemption process.
- Contactless – Beneficiary need not carry a print out of the e-voucher.
- Only mobile phone and e-voucher required – Users redeeming the voucher need not have a digital payment app or a bank account.
- Safe and Secure – Beneficiaries do not need to share personal details and hence their privacy is maintained.
Benefits For Corporate
- Quick, safe & contactless voucher distribution.
- Corporates can enable well-being of their employees by distributing the UPI Prepaid Vouchers.
- Visibility for voucher utilisation – Voucher redemption can be tracked by the issuer.
- It is an end-to-end digital transaction and does not require any physical issuance (card/voucher) hence leading to cost reduction.
Benefits For Hospitals
- Hassle-free & Contactless payment collection – Handling of cash or cards is not required
- Easy & Secure – Voucher is authorized via a verification code-shared by the beneficiary
- Quick redemption process – The e-voucher can be redeemed in a few steps and lesser decline due to the pre-blocked amount
Banks Connected With e Rupi Digital Payment Platform
Most of the public sector banks are connected with it. You can directly use this app for payment with the respected app. below is the complete list of banks and their app connected with e Rupi.
|Name of Bank||App|
|State Bank of India||YONO App|
|Kotak Mahindra Bank||No|
|Punjab National Bank||No|
|ICICI Bank||Bharat Pay & Pinelabs|
|HDFC Bank||HDFC Business App|
|Axis Bank||Bharat Pay|
|Bank of Baroda||Bhim Baroda Merchant Pay|
|Union Bank Of India||No|
e-rupay digital payment app download
You can download this digital currency application from your Android Mobile and iPhone. For doing this you have to follow the basic steps given below:
- Open Play Store on your mobile.
- Search for e-rupay digital payment app
- Select the first result there. It is e-rupay digital payment app.
- Click on install button.
- Allow the settings and complete registration process.