What is e-RUPI, How its works, Is this help to India to change the world, Is this the same like Crypto Currency
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India takes the first step towards the Digital World. On August 2, the Indian Prime Minister launched a new digital currency like bitcoin in India is called e-RUPI.
It is a cashless and contactless Instrument for digital payments. It acts as an e-voucher based on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries. The one-time payment mechanism aims to stop leakages in government welfare schemes and ensures that the benefits reach those they are meant to be.
Since the benefits are transferred on mobile phones of the beneficiary in the form of the QR code or SMS. This helps India to restrict fraud in online transactions and increase the digitalization of payments.
The private sector can also leverage the new system for employee welfare and corporate social responsibility programs. The Prime Minister’s Office (PMO) said the new digital payment platform is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.
Know few questions in everyone mind,
- What is the e-RUPI? How e-RUPI works?
- Is this same like crypto Currency?
- Why we need this currecny mode?
- How we use and buy e-RUPI?
1. What is the e-RUPI? How e-RUPI works?
According to the PM statement, e-RUPI is a digital currency, which we can use without any card or net banking. This is the same as an e-voucher, which sends payment to the beneficiary account in the form of a QR code or SMS.
According to the PMO statement, a Digital payment app or even internet banking access to redeem the e-voucher when availing of a service. For example, You bought a product and received a voucher on the purchase. With e-RUPI, you do not need to carry the voucher in physical form.
2. Is this same like crypto Currency?
Yes, in one word e-RUPI is the same as other cryptocurrencies, like bitcoin, dogecoin, and Etherium. But this is organized by the RBI and the Indian government.
3. Why do we need this currency mode?
This mode of payment helps companies and the government to restrict and remove leakage in the direct benefits and all the benefits are going directly to the public or beneficiary.
4. How do we use and buy e-RUPI?
The e-RUPI 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.
Anyone can use an e-RUPI voucher or facility with the help of this app.