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What is E-RUPI?
E-RUPI is a innovative digital cashless and contactless solution to buy/send/redeem vouchers, e-gifts. 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.
E-RUPI is developed and launched by 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.
This phenomenal solution 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.
Key details of E-RUPI
|Name of Scheme||e-RUPI Digital Payment Solution|
|Launch Date||August 02, 2021|
|Announcement By||Hon’ble PM Narendra Modi|
|Developed By||National Payment Corporation of India (NPCI)|
|Main Goal||Ensure direct transfer of government welfare schemes|
Various features of E-RUPI
- Organizations & Corporates can enable well-being of their employees
- It supports end to end digital transaction and doesn’t require any physical issuance hence leading to cost reduction
- Issuer can track the usage/redemption of the issued voucher
- Quick, safe & contactless voucher distribution
- Easy & Secure, E-RUPI Voucher is authorized via a verification code
- Hassle free & Contactless payment collection – Handling of cash or cards is not required
- Quick redemption process – The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
- Contactless – Beneficiary should not carry a print out of the voucher
- Easy redemption – 2 step redemption process
- Safe and Secure – Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained
- No digital or bank presence required – Consumer redeeming the voucher need not have a digital payment app or a bank account
How does E-RUPI works?
The government has got several public and private sector banks on board, these banks will act as issuing entities of vouchers.
Corporate and government entities who want to send vouchers to the beneficiaries will need to approach the issuing entities to deliver the vouchers. After that beneficiaries will get the vouchers via SMS or QR code.
Beneficiaries can redeem the voucher at specified center. The beneficiaries will be asked to authenticate voucher through one time password. There will be no disclosure of personal information for availing vouchers hence we can say that it is more secure and trustworthy.
Which banks are registered as Issuer entity for E-RUPI?
Currently there are total 11 public and private sector banks which are registered for erupi to work as issuing entities of vouchers. Checkout the below list which has all the banks which are registered for e-RUPI
- Axis Bank
- Bank of Baroda
- Canara Bank
- HDFC Bank
- ICICI Bank
- Indusind Bank
- Indian Bank
- Kotak Bank
- Punjab National Bank
- State Bank of India
- Union Bank of India