What is eRupi, Find Advantages, List of e Rupee banks linked with digital payment solution in India…
The Indian Prime Minister Shri Narendra Modi has brought the digital payment method eRupi on 2nd August 2021. The contactless and cashless instrument for easy digital payments has been introduced to bring a secure way of payment rather than choosing any other digital payment method.
As per Prime minister, the eRupi voucher will bring an effective digital transaction in the country through Direct Benefit Transfer. Moreover through eRupi, every citizen of India will be connected with technology and use contactless payment for every transaction.
In recent days the payment transaction has been very much moved toward digital payment and it has become a formal habit of every citizen to use online transactions.
What is eRupi
eRupi is a digital voucher which will be provided to benefit as an SMS or through QR code. This is a prepaid voucher which ordered by payee to the beneficiary.
Once the QR code or SMS link accessed, the e Rupi voucher amount will redeem. Hence these e Rupi vouchers will issued for the beneficiary and the individual can use it by accessing the code.
ERupi is a simple contactless payment which doesn’t require any mobile banking, internet banking or any such kind of simple transaction methods. e Rupi, monitored by the government of India and thus it brings various secured payment gateway methods for every transaction.
Advantages of eRupi
In simple words e Rupi does not actually require the bank account information of the beneficiary which is a major plus point when compared with other payment methods. So the payment process is through a two step redeem process which doesn’t require any personal information to share.
The best advantage of e Rupi is it can accessed through basic phones which don’t have internet facility, because the SMS can accessed through any phone to redeem. So Employee benefits and MSMEs will be adopting the e Rupi for their business to business transactions which make their financial transaction more secure.
ERupi Banks
There are various Indian banks that linked with e-Rupi and upon successful registration the link of e Rupi voucher will issue.
- State Bank of India
- HDFC Bank
- Axis Bank
- Punjab National Bank
- Bank of Baroda
- Canara Bank
- IndusInd Bank
- ICICI Bank
For more details: please visit the Government reference at pib.gov.in
What are the benefits of e-Rupi?
e Rupi does play a major role to strengthen the direct benefit transfer and brings transparency to individuals. The physical issuance of a voucher is neglected and bringing only a voucher for redemption does save a lot of savings.
Who developed the eRupi Voucher?
The e Rupi has been developed by National Payments Corporation of India. These have been developed by NPCI payments to bring a digital payments ecosystem in India. The voucher based payment system to encourage cashless transactions in India does help in developing India.
Where can e-Rupi be removed?
As per current updates there are over hundreds of hospitals where e-Rupi vouchers can be redeemed that are issued by the government. Experts say that in the coming days every business entity will start using the eRupi voucher for transactions.