E-RUPI: List of banks to be live with this new payment option, here's how it works
By Lokmat English Desk | Published: August 7, 2021 04:01 PM2021-08-07T16:01:02+5:302021-08-07T16:01:02+5:30
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Taking another big step towards 'Digital India', Prime Minister Narendra Modi launched a new digital payment platform called 'e-RUPI'
Under this new system, the beneficiaries will receive an e-voucher or coupon that can be used without online banking, payment applications and other traditional payment modes.
The new platform has been developed by the National Payments Corporation of India in collaboration with the Department of Financial Services, the Health Ministry and the National Health Authority. Simply put, e-RUPI is a QR code or SMS string-based digital payment mode just like e-gift cards. It is cashless, contactless and is a person and purpose-specific payment solution.
Beneficiaries will directly receive the vouchers on their mobile numbers sent by the government, instead of receiving cash in bank accounts.
Before e-RUPI coupons are sent, the mobile number and identity of the citizen will be verified.
This payment mode will be used to provide financial benefits under the Direct Benefit Transfer (DBT) scheme. Furthermore, the e-vouchers will be given to provide drugs and nutritional support under mother and child welfare schemes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, etc.
Currently, there are a total of 11 public and private sector banks that will support this new payment mode.
State Bank of India (SBI), ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Axis Bank and Bank of Baroda will provide both issuance and redemption facilities for e-RUPI coupons.
Meanwhile, Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra Bank and Union Bank of India will only issue e-RUPI coupons for now.
“e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface," the Prime Minister's Office (PMO) said in a statement.
Giving a boost to cashless, digital payment solution e-RUPI, the State Bank of India (SBI) has teamed up with Hitachi Payment Services to develop the capability to acquire e-RUPI transactions on the Yono SBI Merchant app.
It said merchants can now use the UPI Voucher feature on the Yono SBI Merchant App to accept prepaid UPI e-vouchers. Similarly, Hitachi Payment Services will also support SBI Payments in merchant on-boarding and merchant transaction settlements for e-RUPI. launch SBI Payment Services for establishing a state-of-the-art digital payments platform for India and other countries in the region.
The National Payments Corporation of India (NPCI) with the Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, have launched an innovative digital solution – e-RUPI.