Prime Minister Narendra Modi introduced e-RUPI, a cashless and contactless person- and purpose-specific digital payment system.
E-RUPI:
It is a QR code or SMS string-based e-voucher that is sent to the beneficiaries' mobile phones. Users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without the usage of a card, digital payments app, or internet banking access.
It was created by India's National Payments Corporation in partnership with the Ministry of Finance, the Ministry of Health, and the National Health Authority.
E-RUPI Vouchers Usage:
These vouchers are similar to e-gift cards in that they are prepaid. The cards' codes can be exchanged via SMS or via the OR code. These e-vouchers will be tailored to each individual and their intended use. These coupons can be used by anyone who does not have a bank account, a digital payment app, or a smartphone.
These coupons will primarily be used for medical expenses. These coupons can be given to employees by companies.
The following is a list of banks that have implemented e-RUPI:
InfrasoftTech helps banks establish an e-RUPI technology stack by assisting them with everything from integration with existing systems to deployment to their target beneficiaries.
According to NPCI, it is now working with two of the 11 live banks. It will soon add more customer banks with e-RUPI capabilities.
Punjab National Bank and Bank of Baroda are the two banks.
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