Today, India is going to take another big step in the field of digital payments. Prime Minister Narendra Modi will today launch e-Rupee, an e-voucher-based digital payment solution through video conferencing.
This will enable the beneficiaries to reach them without leakage of benefits, i.e. there will be no intermediary between them. Now let’s understand what this e-thing is. In fact it is a cashless and non-contact method. This is an e-voucher based on a QR code or SMS string, which is sent to the beneficiary’s mobile. Of this one time payment method Vouchers to users The service provider will not need to access any card, digital payment app or internet banking to redeem.
e-RUPI connects beneficiaries and service providers with the sponsors of the services without any physical interface and also ensures that the payment is made to the service provider only after the completion of the transaction. Being pre-paid, it pays on time to the service provider without involving any intermediaries. This could be a revolutionary step in ensuring leak-proof delivery of services.